Recap: We are wishing we had kept those resistance break longs from Monday open just a bit longer right about now :). Of course hindsight is 20/20 and a temptation us day traders can't afford. If the pair had dropped we'd be wishing we would have closed our long earlier. Better to stick with our motto: it is always better to miss out than to miss your equity.
No EU trades taken yesterday as a high probability support line never developed for us to trade. The pair appears to be consolidating between a gradual rising support and a even more gradual falling resistance (see chart below).
Today's Important News Events:
|06:00||EUR German Producer Prices (YoY) (MAY)||2.2%||2.4%|
|08:30||GBP Bank of England Minutes|
|08:30||GBP Jobless Claims Change (MAY)||-3.0K||-12.7K|
|16:30||USD Federal Open Market Committee Rate Decision (JUN 20)||0.25%||0.25%|
|18:00||USD FOMC to Release Projections of Economy and Fed Funds Rate|
|18:15||USD Fed's Bernanke Holds Press Conference|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Plenty of news today!
Trading Idea: We will look to take a long on a resistance break today with targets at 20/20/25/25 for 90 pips. We are actually more bearish than bullish but the only solid support is 130 pips away and we are concerned a support break at that distance won't provide the *pop* we require in our swing trading system.
There is an aggressive short to be had here above 1.2700 targeting the rising support for 100 pips (we are not taking this trade).