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Recap: Our short was triggered on the 1.3368 support break yesterday. Unfortunately price swing back upward and hit our SL for a 50 pip loss. Needless to say a false break alert was sent out shortly thereafter.
Price has been consolidating between a falling resistance and a rising support, with a very recent resistance break at 1.3464 occurring a couple hours ago.
We are bullish on the pair short-term but with a solid rising intraday support we will look to get short on a support break with a TP of 80 and a SL of 50.
Today's Important News Events:
| Date | Time (UTC) | Event | Forecast | Previous |
|---|---|---|---|---|
| Wed Feb 13 |
10:30 | GBP Bank of England Quarterly Inflation Report Press Conference | ||
| 13:30 | USD Advance Retail Sales (JAN) | 0.1% | 0.5% | |
| 23:50 | JPY Gross Domestic Product (QoQ) (4Q P) | 0.1% | -0.9% | |
| 23:50 | JPY Gross Domestic Product Annualized (4Q P) | 0.4% | -3.5% | |
| 23:50 | JPY Nominal Gross Domestic Product (QoQ) (4Q P) | 0.0% | -0.9% | |
| *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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