Recap: Our short was triggered on Friday on the 1.3332 support break at 8:20a. The trade actually got up to 30 pips in the profit but we closed out for a 12 pip loss as the price rebounded some before we closed for the weekend.
After President's Day yesterday (where markets were very slow) that rebound has created a consolidation triangle, mostly bearish given price direction for February, but we will look to trade either direction today: long on a resistance break and short on a support break.
Today's Important News Events:
|00:30||AUD RBA Policy Meeting - February Minutes|
|10:00||EUR German ZEW Survey (Economic Sentiment) (FEB)||35||31.5|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Long on a resistance break and short on a support break with a TP of 80 and a SL of 50. Two trades max (one in each direction), we will close and reverse if a break occurs in the opposite direction of an open trade.
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