Forex Signals – EURUSD Intraday Update

Recap: Our aggressive long was triggered at 1.2549 yesterday which got 20 pips into the profit before reversing and hitting our tightened SL for a 30 pip loss. We then got short on the support break at 15:44 (1.2490). That short is currently open and is 75 pips in the profit as of 13:40 UTC. We are closing out at current price for a 75 pip gain, bringing our EU net from yesterday to 45 pips.

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: Pair has been climbing down steadily for over a month now without showing much bullish action at all. We will pass on the long opportunity for now and wait for a better support break to enter on with short targets at 20/25/25/25 for 95 pips profit. If aggressive traders do enter on a resistance break we would keep our targets and SL tight. We are flat for now.

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Forex Signals – EURUSD Intraday Update

Recap: We took Tuesday’s long trade on the chin for -50 pips as the pair broke our resistance level and then almost immediately continued downward. We were bearish on the pair, as we stated, but thought the oversold hourlies would provide us enough of a platform to bank some long pips.

Today the pair is still very bearish looking technically, thanks to the fundamental outlook in Europe, but the large stab downward yesterday has the characteristics of an extinction candle. Combined with the 04:00 hammer candle that occurred at the bottom of that dip and we may finally be seeing a bit of a curl upward. Unfortunately there are not any good S/R lines to swing trade off of at the moment.

Today’s Important News Events:

DateTime (UTC)EventForecastPreviousGBP Jobless Claims Change (APR)EUR Euro-Zone Consumer Price Index – Core (YoY) (APR)EUR Euro-Zone Consumer Price Index (YoY) (APR)GBP Bank of England Inflation Report Fed Releases Minutes from April 24-25 FOMC Meeting JPY Nominal Gross Domestic Product (QoQ) (1Q P)JPY Gross Domestic Product Annualized (1Q P)JPY Gross Domestic Product (QoQ) (1Q P)*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: We will wait for a clear rising support to form (not yet shown) and then get short on a support break with targets at 20/20/25/25 for 90 pips profit. PRO emails will be sent on a support break.

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Intraday Update coming

The charts are very mixed / volatile at the moment, following the large gap over the weekend, and we will sit aside for now until better S/R lines develop. We will release an intraday update for all pairs around 15:00 UTC for the second half of the US session.

Needless to say, we are bearish today and looking for reasons to get short.

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