Site Update! We hope everyone had a nice long weekend with Columbus Day closing down the US banks yesterday. As we promised before the weekend we put up a new interactive tour for PRO this weekend. You should check it out here – you just might learn something you didn’t know! If you have any questions the best way to reach us is to email email@example.com, of course :)
Recap: No trades taken last Friday to report on, as promised, though it would have been a 160 pip day if we were in the market as both our GU and AU setups were triggered and appeared to run for full profit. That’s the last time our Chief Strategist gets a day off :)
EU continues bouncing on top of long-term rising support (bottom yellow line on today’s chart – connect the lows of August with October’s lows to see it on your chart).
We see that support as a key level in the medium term: if price remains above it we are bullish and if we see a break below then we are bearish as it immediately opens up 1.25 for a re-challenge.
Today’s Important News Events:
|14:00||GBP NIESR Gross Domestic Product Estimate (SEP)||0.2%|
|*To see a more extensive list of news events (not just those we consider important), visit our forex calendar.|
Trading Idea: We had a support break 10 minutes ago at 1.2943 and we will take a short at current price (1.2939) with a TP of 1.2860 (79 pips) and a SL of 1.2989 (50 pips).
If a falling resistance forms and breaks we will close and get long with targets at 80 pips.
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