Oops! - Yesterday's analysis was only posted in the PRO Dashboard on accident (no general post was sent out but PRO users did receive an email alert that a new analysis was available and were able to view it). No, this is not some conspiracy to funnel people to PRO (though we will always welcome you!). We make mistakes sometimes too :).
Here is Yesterday's Analysis - "Our long was triggered on the 6:14 UTC resistance break at 1.2366 and is currently 49 pips in the profit. We are going to close our for profit here, not because we believe the bullish rally is over, but because we have an inverse trade running in USDCHF currently and we are looking to hedge our position by taking profit here.After the bullish break out of the triangle wedge this morning we are very much bullish on this pair and will look to reset our long if a falling resistance appears and breaks..".
Recap: No additional EU trades were triggered yesterday as our Monday long was closed out via yesterday's analysis to let our UCHF short run.
We are currently looking at a bullish flag pattern after the big rally (long, bullish flag pole followed by its characteristic bearish flag) and we will look to take advantage of it by getting long on a resistance break. The risk to the trade is of course the overbought hourlies but given the resistance break we feel that a new technical trend has emerged. It is always more profitable over time to ride trends than to call tops/bottoms :).
Today's Important News Events:
|18:00||USD Fed Releases Minutes from August 1 FOMC Meeting|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Long on a resistance break with targets at 80 pips profit.
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