Recap: We stayed flat yesterday on the EU, as promised, as there were no clear S/R lines to trade. We mentioned that we were bullish in the short term and the pair did not disappoint, rising almost 200 pips.
After the large rally the pair is consolidating under 1.2930 1.2830 in what appears to be a bullish flag pattern. While we are bearish long-term and this has the potential to be a short-squeeze, we will continue to look to get long on resistance breaks.
For all pairs last Friday only our USDCHF setup was triggered for 80 pips on the support break.
Today’s Important News Events:
DateTime (UTC)EventForecastPreviousThere are no events scheduled.*To see a more extensive list of news events (not just those we consider important), visit our forex calendar.Trading Idea: We are looking to get long on a resistance break of falling resistance (top blue line) with targets at 80 pips. With recent resistance lines smashed 1.29 and 1.30 are in play before another major bearish correction.
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