Recap: Yesterday's short signal was not triggered as our support held firm, bouncing along the top of it all day - four proximity alerts (bounces) were kicked out in total. For those traders taking longs off the bounces it was a very profitable day :).
Today's Important News Events:
|12:00||EUR German Consumer Price Index (YoY) (APR P)||2.0%||2.1%|
|12:00||EUR German Consumer Price Index - EU Harmonised (YoY) (APR P)||2.2%||2.3%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
The pair has been in a clear uptrend for weeks now after a period of consolidation, leaving us with a very clear rising trend support. But with the hourlies starting to look overbought and the last 4h candle failing off of 3250 we will look to get short off of our very aggressive rising trend support. It is aggressive because you can see that late yesterday we've already had two false breaks off of the line.
Trading Idea: We are looking to get short off of a support break with targets at 20/20/25/25 for 90 pips profit. We will try and give our short a little room to run at the end if possible as there is plenty of downside opportunity. We will also close and look to re-enter on a false break (if the entry candle closes above support).