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Recap: We are wishing we had kept those resistance break longs from Monday open just a bit longer right about now :). Of course hindsight is 20/20 and a temptation us day traders can't afford. If the pair had dropped we'd be wishing we would have closed our long earlier. Better to stick with our motto: it is always better to miss out than to miss your equity.
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No EU trades taken yesterday as a high probability support line never developed for us to trade. The pair appears to be consolidating between a gradual rising support and a even more gradual falling resistance (see chart below).
Today's Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|---|
| Wed Jun 20 |
06:00 | EUR German Producer Prices (YoY) (MAY) | 2.2% | 2.4% |
| 08:30 | GBP Bank of England Minutes | |||
| 08:30 | GBP Jobless Claims Change (MAY) | -3.0K | -12.7K | |
| 16:30 | USD Federal Open Market Committee Rate Decision (JUN 20) | 0.25% | 0.25% | |
| 18:00 | USD FOMC to Release Projections of Economy and Fed Funds Rate | |||
| 18:15 | USD Fed's Bernanke Holds Press Conference | |||
| *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar. | ||||
Plenty of news today!
Trading Idea: We will look to take a long on a resistance break today with targets at 20/20/25/25 for 90 pips. We are actually more bearish than bullish but the only solid support is 130 pips away and we are concerned a support break at that distance won't provide the *pop* we require in our swing trading system.
There is an aggressive short to be had here above 1.2700 targeting the rising support for 100 pips (we are not taking this trade).
