Recap: Our short from 2285 survived the bull rally yesterday morning by just a few pips as our 50 pip SL was just enough. We are going to close out at current price (1.2258) for a 27 pip profit) as the pair is beginning to find support above 1.2200.
While it is not the sturdiest support and we are still long term bearish on the pair the combination of that plus the indecisive candlesticks of the past 24 hours lead us to believe that bulls may finally be finding a price level where they feel comfortable buying.
Today's Important News Events:
|06:00||EUR German Consumer Price Index (YoY) (Jun F)||1.7%||1.7%|
|06:00||EUR German Consumer Price Index - EU Harmonised (YoY) (Jun F)||2.0%||2.0%|
|18:00||USD Fed Releases Minutes from June 19-20 FOMC Meeting|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We will once again look to get short on a support break today as we are still long term bearish on the pair, with targets at 20/20/20/20 for 80 pips profit.
Aggressive traders could also look to get long on a resistance proximity alert (bounce) - we will pass.
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