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Recap: No break alerts sent out yesterday means no trades entered. There was a resistance break but SwingPRO intelligently determined that it was no a strong enough break to trade off of (and was right) based off of the distance the previous and subsequent candle were to the resistance.
EU is consolidation currently in a bullish falling wedge formation. The risk with these formations is always that the downward break will lack follow through and out falling wedge turns into a bullish flag.
Regardless we will look to trade either direction today: short on a support break or long on a resistance break. TP of 80 and SL of 50 for both. We will take a max of two trades, one in each direction, closing and opening if our first trade is still active when the next break occurs.
Today's Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|---|
| Tue Jan 15 |
07:00 | EUR German Consumer Price Index (YoY) (DEC F) | 2.1% | 2.1% |
| 07:00 | EUR German Consumer Price Index - EU Harmonised (YoY) (DEC F) | 2.1% | 2.1% | |
| 08:00 | EUR German GDP n.s.a. (YoY) (2012) | 0.8% | 3.0% | |
| 09:30 | GBP Consumer Price Index (YoY) (DEC) | 2.7% | 2.7% | |
| 09:30 | GBP Core Consumer Price Index (YoY) (DEC) | 2.6% | 2.6% | |
| 13:30 | USD Advance Retail Sales (DEC) | 0.2% | 0.3% | |
| 13:30 | USD Producer Price Index (YoY) (DEC) | 1.4% | 1.5% | |
| 13:30 | USD Producer Price Index Ex Food & Energy (YoY) (DEC) | 2.1% | 2.2% | |
| *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar. | ||||
Trading Idea: We will look to trade either direction today: short on a support break or long on a resistance break. TP of 80 and SL of 50 for both. We will take a max of two trades, one in each direction, closing and opening if our first trade is still active when the next break occurs.
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