Forex Signals – EURUSD Falling Wedge
January 16, 2013 2:26 AM EST
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:
|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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