Recap: Good morning and happy 2013 PipHutters! It has been a wild couple of days so far with a drop of nearly 170 pips in the past 24 hours. That rapid drop left us without any S/R lines yesterday, and is leaving slim pickings for us today as we search for high probability swing trades to start the new year.
A "deal" was reached on the U.S. fiscal cliff. We put deal in quotes because it wasn't a very comprehensive deal - it was more or less another kick of the can down the road, setting up the stage for more dramatics in February.
The pair has dropped quote a bit after a second failed challenge to 1.33, in what appears to be a case of buying the rumor and selling the news. We are still bearish on the pair and look to get short on a support break with a TP of 80 and a SL of 50.
Today's Important News Events:
|08:55||EUR German Unemployment Change (DEC)||10K||5K|
|19:00||USD Minutes of FOMC Meeting|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are still bearish on the pair and look to get short on a support break with a TP of 80 and a SL of 50.