Forex Signals – EURUSD Falling Wedge

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January 16, 2013 2:26 AM EST

PipHut.com

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:

DateTime (UTC)EventForecastPrevious
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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