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Recap: We didn’t open any new trades on Friday, as indicated, but our bearish calls were right as the pair continued to drop underneath it’s falling resistance line (connect the highs of the 17th, 22nd and 25th).
Hurricane Sandy has shut down stock markets on the East Coast of the United States today, slowing down the markets, but we are still bearish on this pair as it has made a series of lower lows and lower highs (downtrend). As long as price stays beneath our intraday resistance we will stay bearish – if price breaks our support then we will open a short.
Note: US stock markets may shut down tomorrow as well; bond markets have already stated they will be closed tomorrow.
Today’s Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|---|
| Mon Oct 29 | 12:30 | USD Personal Consumption Expenditure Core (YoY) (SEP) | 1.7% | 1.6% |
| 13:00 | EUR German Consumer Price Index (YoY) (OCT P) | 1.9% | 2.0% | |
| 13:00 | EUR German Consumer Price Index – EU Harmonised (YoY) (OCT P) | 2.0% | 2.1% | |
| *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar. | ||||
Trading Idea: We are looking to get short on a support break today, with targets at 80 pips profit, SL at 50 pips.
For more forex info, go to PipHut
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