Forex Signals – Intraday Update
Intraday Update! We did an intraday update today to give the setups a bit more time to develop and we are glad we did! Otherwise we would be on the losing end of an EU long (our initial analysis when we charted this morning). The only pair we regret not trading is GU which continues to climb, but more on that inside GU’s PRO analysis.
Recap: No trades taken yesterday no breaks occurred – there was a resistance break this morning but we didn’t take it for the same reason we did an intraday update today. Just as an FYI if a break occurs in the following day of the signal we will generally take the trade IN THE ANALYSIS (e.g. “we are getting long at current price off the break that occurred a few hours ago”), to allow as many traders to get in as possible.
Price appears to be consolidating in a large bearish consolidation flag pattern after the major drop last week. While there is a nice horizontal resistance around 1.2330 we believe a break above this level will not produce the necessary *pop* we look for in swing trading as there is a good probability that it will drop back down after hitting the top of its flag channel. Therefor we are only looking for a short on a support break at the moment.
Today’s Important News Events:
|08:00||German Upper House Votes on EFSF Aid to Spain’s Banks|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are looking to get short on a support break with targets at 20/20/20/20 for 80 pips profit.
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