Recap: No trades were taken yesterday as we remained on the sidelines, as promised, through the resistance break. Our rationale for not trading was that we were concerned that, given the distance to the resistance line at the time of yesterday’s signal, there would not be enough momentum left for a *pop* above resistance after the break.
That was the case for the first 12 hours after the break, at least, but over the past 8 hours we have seen a strong bullish surge that would have put the trade 30 pips in the profit.
We are short-term bullish on the pair after the resistance break and with plenty of room to run above 1.30 (1.3140 is next solid resistance) our preference is to look for reasons to get long for the time being.
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: If a falling resistance forms and breaks we will get long, as is our preference, but there is also an aggressive rising support forming on the 4h charts and we will look to get short on a support break. For either direction our TP is 80 pips, SL is 50 pips.
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