Recap: No EU trades were entered yesterday as the pair continued to fall and never broke above it’s resistance level to triggered our long.
Our analysis and setups are very similar to yesterday as not a whole lot has changed: the pair is in a nice technical downtrend with consistent lower lows and lower highs. Fundamentally this downtrend has been brought about by the recent Greek political woes and the increased likelihood of a Greek exit from the Eurozone. While this gives the charts a short and medium term bearish outlook, the hourlies are very oversold at the moment and we will take a short-term long on a resistance break.
Today’s Important News Events:
DateTime (UTC)EventForecastPreviousAUD Reserve Bank Board May Minutes EUR French Consumer Price Index MoM (APR) EUR French Consumer Price Index YoY (APR) EUR German Gross Domestic Product n.s.a. (YoY) (1Q P)EUR German Gross Domestic Product s.a. (QoQ) (1Q P)EUR German Gross Domestic Product w.d.a. (YoY) (1Q P)EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (1Q A)EUR Euro-Zone Gross Domestic Product s.a. (YoY) (1Q A)EUR German ZEW Survey (Economic Sentiment) (MAY)USD Advance Retail Sales (APR)USD Consumer Price Index Ex Food & Energy (YoY) (APR)USD Consumer Price Index (YoY) (APR)*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.No shortage of new today!
Trading Idea: Despite our bearish outlook we will take an aggressive long on a resistance break with targets at 20/20/25/25 for 90 pips profit.
We will look to close and get short on a support break with targets at 20/25/25/25 for 95 pips profit.
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