EURUSD 1 Hour: A Short & a Long Idea (Heavy News Today)

The Euro has finally broken out of it's consolidation, which may not be a good thing since us pattern formation traders had a pretty decent run over the past few days.

Anyway the LLLC leads me to make new predictions about the market and how I want to get involved. Technically speaking there are two opportunities that are on my radar. 1) A retest of previous structure support turned resistance for a bearish trade or 2) a move down to our lower level of support for a bullish trade.

We've got heavy news coming out in the form of Retail Sales & PPI this morning at 8:30 est, so the reaction (assuming the market gives us one) will most likely dictate which opportunity will become valid.

The key is that no matter what the market decided to do I have a plan for it. I have a plan to take a short. I have a plan to take a long, and I have a plan to stay out all together if my rules of engagement are not met.

Good luck out there today traders! Stay disciplined & stay positive!

Akil Stokes
Chief Currency Analyst & Head Trading Coach
www.TradeEmpowered.com -The Premier Online Trading Education Company
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