the pair is trading @ 1.4210 right now; yesterday it touched the max and than went down to area 1.41; now 100 pips correction(?); in my view yesterday went down because some news today may bring the rate back to 1.3720 area and maybe to 1.30 area; today we have a lot of really important news, but the most important one will be the decision from the ECB to buy covered bond: NOW, in may the decision was to buy between 60 billion and 125 billion; Weber (Germany) sustain that also 60 billion are too much; but other country want the all package done; now may expectation is the 60 Billion will be the minimum and a surprise may came.
for sure this decision will have a big impact on the pair whatever a wonderful technical analysis may say; so stay tuned for more news about that today.
I will not post support and resistance: they make no sense today;
my trading plan:
short @ 1.42 4x units;
stop loss 1.4340;
if good news hold; if bad news close immediately;
pyramid on the down side
target 1.37 area or for a long period 1.30
good luck
and have a good trading day
:D
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