Recap: Markets moved little yesterday, with the EU slowly consolidating upward above our rising support line. With that line still intact and the overall bearish flag pattern of the 4h charts we will continue looking to get
It is worth mentioning that stock markets in Europe and the US rallied hard yesterday, both hitting multi-year highs. The moved appeared to be driven by recent central bank movements and the "risk on" sentiment was not echoed in the forex markets.
While that definitely gives a potentially bullish tint if the Euro can catch up to stock market's risk appetitie, we do not call bottoms and will continue to trade the best setups the chart give us in either direction.
Today's Important News Events:
|00:30||AUD Gross Domestic Product (QoQ) (4Q)||0.6%||0.7%|
|00:30||AUD Gross Domestic Product (YoY) (4Q)||3.0%||3.1%|
|10:00||EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (4Q P)||-0.6%||-0.6%|
|10:00||EUR Euro-Zone Gross Domestic Product s.a. (YoY) (4Q P)||-0.9%||-0.9%|
|19:00||USD U.S. Federal Reserve Releases Beige Book|
|*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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