Recap: We got whipped out of our positions yesterday as our short was closed on the resistance break at 1.2930 for a 20 pip loss and triggered our long. That long got about 35 pips into the profit before it started creeping back down and hit our SL for a 30 pip loss (right around current price).
We are going to trade off the longer-term rising support today (bottom blue line). That rising support has been supporting price for the better part of several months and a break below could signal another challenge down to 1.26 and below.
Today’s Important News Events:
|09:00||EUR Euro-Zone Retail Sales (YoY) (AUG)||-1.9%||-1.8%|
|*To see a more extensive list of news events (not just those we consider important), visit our forex calendar.|
Trading Idea: We are looking to get short on a support break today with targets at 80 pips profit.
There is also an opportunity for a long off a proximity if price bounces off of support.
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