Recap: No trades from yesterday's EU signal were triggered as the pair has flirted with the falling resistance but never broke it.
The resistance is still intact but we are bearish on the Euro at the moment as Eurozone confidence appears to be about to take a large drop among investors (more so than it already has). Germany and Greece are playing a game of chicken over the bailout package after the latest Greek elections, and the threat of a partial EU breakup seems to be more real now than it has been at any time this year.
Today's Important News Events:
|01:30||AUD Employment Change (APR)||-5.0K||37.6K|
|01:30||AUD Unemployment Rate (APR)||5.3%||5.2%|
|08:00||EUR ECB Publishes May Monthly Report|
|11:00||GBP BOE Asset Purchase Target (MAY)||325B||325B|
|11:00||GBP Bank of England Rate Decision (MAY 10)||0.50%||0.50%|
|14:00||GBP NIESR Gross Domestic Product Estimate||0.1%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Our primary trade today is a short on a support break with targets at 20/20/25/25 for 90 pips profit. As much as we'd love to ignore the long opportunity today given our bearish fundamental outlook we will also look to get long on a resistance break (if it occurs before the support break!) with targets at 20/20/20/20 for 80 pips. We will look to close and get short if a support break occurs on our long.