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).

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Wed
Jun 20
06:00EUR German Producer Prices (YoY) (MAY)2.2%2.4%



08:30GBP Bank of England Minutes




08:30GBP Jobless Claims Change (MAY)-3.0K-12.7K



16:30USD Federal Open Market Committee Rate Decision (JUN 20)0.25%0.25%



18:00USD FOMC to Release Projections of Economy and Fed Funds Rate


18:15USD 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).