Recap: Our EU short was triggered on the 15:32 support break at 1.3445 after a large rally in the pair. That short went nowhere for the first 14 or so hours it was triggered, but the pair has since jumped downward and the trade is currently at 1.3386 at the time of writing (59 pips profit).
Though we believe the short-term trend is very bearish there are other solid setups for our other pairs today (AU and GU especially but UJ and UChf also have setups we are looking for), so we will take the 54 pips profit and stay flat on EU for the remainder of the day.
As we mention above, we are very bearish and see 1.33 as the next big target
Today's Important News Events:
|03:39||JPY Bank of Japan Rate Decision (FEB 14)||0.1%||0.1%|
|07:00||EUR German Gross Domestic Product w.d.a. (YoY) (4Q P)||0.5%||0.9%|
|07:00||EUR German Gross Domestic Product n.s.a. (YoY) (4Q P)||0.2%||0.4%|
|09:00||EUR ECB Publishes Monthly Report|
|10:00||EUR Euro-Zone Gross Domestic Product s.a. (YoY) (4Q A)||-0.7%||-0.6%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are staying flat on this pair for the day, as the other pairs (AU, GU, UJ and UChf) all have better setups that we will wait to be triggered. Happy pipping!
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