Recap: It has been a slow start to the month for us while the pair continues to search for a longer-term trend to stick to on the back of the European turmoil. Our long was triggered at the 12:19 UTC resistance break (1.2605), jumped 20 pips into the profit and then quickly fell back down to hit our tightened SL for a 30 pip loss.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Fri
Jun 8
04:30JPY Bankruptcies (YoY) (MAY)
-6.7%



08:00EUR Italian Industrial Production s.a. (MoM) (APR)-0.5%0.5%

08:30GBP BoE/GfK Inflation Next 12 Mths (MAY)
3.5%

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

Trading Idea: We did take the support break early this morning (which we mentioned in yesterday's post as well), which occurred at 6:03 UTC (1.2510). That is currently 15 pips in the profit and we are only currently risking 10 pips on the trade (1.2520) with a very tightened SL. We are targeting 1.2430 on the trade for 80 pips profit and will close out before the weekend no matter what.