Forex Signals – EURUSD Down Off The Summit?

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February 8, 2013 3:46 AM EST

Recap: No trades taken yesterday to report on as the pair only moved a handful of pips from yesterday's intraday setups. The pair is bouncing off of a rising support (bottom blue line), though we are still bearish under 1.37 and expect more losses if we see a support break.

As far as the budget meeting goes, we may seem some volatile moments in the pairs as news comes out, but historically speaking our SwingPRO system performs the same or even slightly better during news events so we will continue to trust that the important fundamental drivers are already baked into the technical charts.

Today's Important News Events:

Date Time (UTC) Event Forecast Previous
Feb 7

EUR EU Leaders Hold Summit Regarding 2014-2020 Budget

00:30 AUD Employment Change (JAN) 6.0K -3.8K

00:30 AUD Unemployment Rate (JAN) 5.5% 5.4%

09:45 GBP BoE Governor-Designate Carney Questioned by Lawmakers

12:00 GBP BOE Asset Purchase Target (FEB) 375B 375B

12:00 GBP Bank of England Rate Decision (FEB 7) 0.5% 0.50%

12:45 EUR European Central Bank Rate Decision (FEB 7) 0.75% 0.75%

13:30 EUR ECB's Draghi Holds Press Conference After Rate Decision

*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: Short on a support break with a TP of 80 and a SL of 50.

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