EMAIL ALERT - I know that no email alert was sent out for today's signal! I'm upgrading the PipHut mail server to handle the increased load. Should be up and running for tomorrow's signal and hopefully you will get signals quicker too :).

6:14a GMT - Well we had a whole lot of nothing yesterday with the EUR/USD yesterday. Early in the day we did have a move upwards which stalled out around 1.4675 (the 50% fibo of the Dec 11th high/low) and dropped 50 or so pips but that was really the only action of the day. After that the EUR/USD just stumbled about around 1.4650 without any real direction.

Daily Outlook: Despite the lack of direction yesterday afternoon I am still very bearish on the pair as it continues to make lower lows and lower lows. My real concern at this point is that in these thinner markets (markets thin out toward the end of the year/holiday season) we can see a big spike in volatility, and a big spike in volatility is usually preceded by a tight range day. Just like we had yesterday. So keep that in the back of your mind when deciding whether or not you want to enter that trade :). We do have some sentiment news coming out of Germany around 10a GMT and some inflation news coming out of the States around 13:30 GMT. You can read more about the day's news events/details at the forex calendar here.

Trading Idea: Looking for selling opportunities, but will look higher up as volatility is a serious concern in these holiday-thin markets. I am looking for short candlestick signals in fairly big band of resistance, currently 1.4700-1.4730. I will look on the 30m, 1h and 4h charts for a good entry signal. Short targets from 1.4730 are 1.4700, 1.4675, 1.4640 and 1.4605.

(click to enlarge)

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