Forex Signals – EURUSD No QE3 Leads USD
Recap: Our short was activated at 1.33 on the support break yesterday (pro email signals sent out at 14:21 UTC) and came within 5 pips of hitting our 50 pip SL! Luckily it was just enough and we were able to quickly hit all targets for 95 pips profit. Remember - let your profits run and keep your losses small!
Today's Important News Events:
|09:00||EUR Euro-Zone Retail Sales (YoY) (FEB)||-1.1%||0.0%|
|11:45||EUR European Central Bank Rate Decision (APR 4)||1.00%||1.00%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
The fed "announced" that it would not be providing further quantitative easing (money printing) in the near future as the markets have improved enough / inflation is enough of a concern to not warrant further liquidity at the time being.
The news is still bouncing around the markets, and had the immediate effect of rallying the USD in nearly all pairs (e.g. the big drop in EU). We believe this is a bearish break of the daily bearish consolidation pattern we have been watching bounce upward for weeks now and will be looking fr opportunities to get short.
Trading Idea: There is not currently a good short opportunity on the charts as the pair is oversold on the hourlies without a good support line to trade off of. We will wait for a support to form and break for an opportunity to get short with targets at 20/20/20/25 for 85 pips profit. PRO users will be emailed.
There is an aggressive falling resistance currently (last blue line) but, given the bearish break yesterday and the steep slope, we will pass on getting long on a resistance break. For aggressive traders that resistance break would provide a good entry point for a long.
Today's Poll: [polldaddy poll=6107132]
* * * PipHut PRO* * *