Recap: No trades were taken yesterday in EU as price continued to stay underneath our falling resistance line. We did say we were bearish yesterday and expected to see 1.2950 and 1.30 – we just didn’t expect to see them so soon!
Price has now formed a bearish flag pattern after the deep drop yesterday (the flag pole) and is consolidating just above our blue rising support line (a proximity alert was sent off at 1.2977 and has risen 15 pips since then).
If that support, currently at 1.2950, is broken then 1.29 and 1.2850 are the next major support levels.
Today’s Important News Events:
|00:30||AUD Consumer Prices Index (YoY) (3Q)||1.6%||1.2%|
|08:00||EUR Euro-Zone Purchasing Manager Index Composite (OCT A)||46.5||46.1|
|18:15||USD Federal Open Market Committee Rate Decision (OCT 24)||0.25%||0.25%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are still bearish on the pair and we will look to get short on a support break with targets at 80 pips and SL at 50 pips.
For more forex info, go to PipHut
Most Popular Slideshows
- Australia Bids Adieu to Adam Spencer's Mornings on ABC's "702 Breakfast" Show [PHOTOS]
- SEE PHOTOS! Eva Longoria Wears No Panties at Cannes 2013, Revealed in Embarrassing Wardrobe Malfunction [SLIDESHOW]
- Top 10 Hottest Celebrities with Shocking Weight Loss (And Find Out Their Secrets!) [PHOTOS]
- Demi Lovato Snapped Getting Flirty with The X-Factor Boss, Simon Cowell? [PHOTOS]