Forex Signals - EURUSD Tug of War

By IBTimes Staff Reporter | July 03 2012 3:14 AM

Recap: We got long around current price (1.26) on the resistance break that occurred a couple hours ago at 4:02 UTC. Tat trade is still hovering around break even.

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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
04:30
AUD Reserve Bank of Australia Rate Decision (Jul 3)
3.50%
3.50%

09:00
EUR Euro-Zone Producer Price Index (YoY) (MAY)
2.5%
2.6%

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

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.