Daily Outlook: Not much news scheduled tomorrow aside from the consumer confidence data. Check out the forex calendar for full details there.
Short and mid-term technical trends remain bullish as the pair has increased almost 1200 pips from its June lows! We've been cautiously buying during most of the uptrend as the long-term trend has been down.
The real question lurking on everyone's minds is what happens in the 1.31-1.32 resistance zone? Will we see the long-anticipated return to the downside or is their enough bullish momentum/risk appetite built up to carry the pair through that zone?
It is also worth noting that we haven't seen a daily close above 1.30 yet - is today the day?
Trading Idea: The primary pivot on my H4 chart is 1.2915 and I remain short term bullish above this level. My primary trade will be a long at this level with confirmation with targets at 1.2940, 1.2970, 1.30 and 1.3030 for 115 pips profit.
Finally an aggressive short would be on a sustained break below 1.2915 with targets down to 2815.