General Market Commentary: A more or less boring day yesterday as markets continued to consolidate sideways, protecting the gains made against the US dollar from last Wednesday. We had three false breaks in the process but all three were very small, single digit losses that, while we hate to see any losses, are very manageable.
Yesterday’s EURUSD Signal Result: No EU trades taken yesterday as price slowly moved downward.
Today’s Signal: That slow downward price action has become a clear bullish flag pattern on the 4h charts (shown between our two orange lines today). The natural extension of that pattern is bullish, of course, IF a resistance break occurs. We will stay flat for now as price is too far away from our resistance to provide a nice pop, but aggressive traders could look to get long near the bottom of the flag pattern or on a break of the topside resistance.
Today’s Important News Events: