Daily Outlook: Yesterday's trades never got activated as the pair rallied (on a more positive interpretation of the Fed minutes - or at least so says the hindsight-specialists a.k.a. mainstream media). We did have a break of a topside resistance line (last green line on chart below) but because that resistance already pierced quite a few wicks/candles from last week we re-drew our topside falling resistance to better correspond with yesterday's rally (now the top yellow line):
We are again looking for shorts primarily as the pair has really been struggling to keep any ground recently, but we have added a long (yesterday we were not looking for any longs) on a sustained break above 4380.
Trading Idea: Primary trade is a short around current price levels (4350) with candlestick confirmation and targets at 4325, 4300, 4270 and 4240 for 110 pips profit.
We will also look to get long on a sustained break above 4380 with targets at 4405, 4435 and 4475 for 95 pips profit potential
Happy Pipping :)