Recap: No resistance breaks yesterday means no trade was taken. After yesterday’s signal the pair spent the next 20 hours slowly consolidating upward. This upward consolidation has produced a nice support line on the 4h charts and we will look to take advantage by getting short on a support break today.
Today’s Important News Events:
|07:55||EUR German Unemployment Change (SEP)||10K||9K|
|08:30||GBP Gross Domestic Product (QoQ) (2Q F)||-0.5%||-0.5%|
|08:30||GBP Gross Domestic Product (YoY) (2Q F)||-0.5%||-0.5%|
|12:30||USD Gross Domestic Product (Annualized) (2Q T)||1.7%||1.7%|
|12:30||USD Gross Domestic Product Price Index (2Q T)||1.6%||1.6%|
|12:30||USD Durable Goods Orders (AUG)||-5.0%||4.2%|
|*To see a more extensive list of news events (not just those we consider important), visit our forex calendar.|
Trading Idea: We will look to get short on a support break today with targets at 80 pips profit. We will also get long on a resistance break with the same targets, but we will be cautious close on a false break and move our SL early and often.
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