Recap: We didn't enter any new trades before the weekend (as promised), or yesterday since the US Banks were closed for Memorial Day. The markets did open with a bullish gap, however, which has already been closed and the pair is within 20 pips of it's Friday closing price.

The medium trend is definitely bearish - taking a look at today's chart you can see the price very steadily goes from the top left of the chart to the bottom right after a steady diet of lower lows and lower highs. Driving this of course is the political turmoil in Greece and the greater eurozone. Traders fear the unknown and the unknown in this scenario is a Greek exit from the eurozone.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Tue
May 29
12:00EUR German Consumer Price Index (YoY) (MAY P)2.1%2.1%



12:00EUR German Consumer Price Index - EU Harmonised (YoY) (MAY P)2.2%2.2%



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

Trading Idea: We are still very bearish on the pair but we are tracking a clean falling resistance from yesterday and will take an aggressive long on resistance break with targets at 20/20/20/20 for 80 pips. We will close and get short on a support break with the same targets.