Recap: Our EU short was triggered at 1.2482 after our rising support was broken and quickly got 70 pips into the profit within the next two hours.The pair then slowly started to creep back upward before triggering our tightened SL for 20 pips profit (we were trying to give it room to hit our 90 pip target).

All and all that was story of yesterday: S/R breaks that stopped before they ever truly got started. We are still bearish on the EU (bullish on USD) at the moment but the pair has been showing some bullish strength recently that we can't ignore.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Wed
Jun 6
01:30AUD Gross Domestic Product (QoQ) (1Q)0.6%0.6%



01:30AUD Gross Domestic Product (YoY) (1Q)3.3%2.5%



09:00EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (1Q P)0.0%0.0%



09:00EUR Euro-Zone Gross Domestic Product s.a. (YoY) (1Q P)0.0%0.0%



11:45EUR European Central Bank Rate Decision (JUN 6)1.00%1.00%



18:00USD Fed Releases Beige Book Economic Survey


*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: We will look to get short on a support break for our primary trade, with targets at 20/20/20/20 for 80 pips. We will keep our SL tight and look to close and get long on a resistance break if one develops.