After an eventful end to last week the pair has been slowly creeping downward as bulls take profit and bears don't yet have enough conviction to drive prices below 1.2550 - our mid-term support. With the bullish break above our falling resistance we are looking to capture some pips on the upswing, however a break below 1.2550 and we will get short.
Today's Important News Events:
Date Time (UTC) Event Forecast Previous
Tue Jul 3
AUD Reserve Bank of Australia Rate Decision (Jul 3)
EUR Euro-Zone Producer Price Index (YoY) (MAY)
Trading Idea: Our long from 1.2600 is still open with targets at 20/20/20/20 for 80 pips. We will look to close and get short on a support break with targets at 20/20/25/25 for 90 pips profit if one occurs.