Please see update AFTER chart
Ok In my head I’m bearish EURO because of the Greek news. But this morning perhaps an opportunity for a good trade bullish. (sounds illogical but my FEELINGS cannot govern my trades).
Germany news is at 9AM and Germany has had consistently good news, at 8 am the EURUSD pair broke out of this flag to the upside, it is now forming a hook and I would expect a rally, the next target is 1.3423 or around that area offering around 49 pips profit, if we break above that target we are off to 1.3462 then 1.3517… a nice wide open space, but the first target is hard and the Average True Range of EURUSD is quite low.
UPDATE: I went flat ($0PIPS) on EURUSD lucky I did the pair have just dropped *EVEN THOUGH* there was good news from Germany. It looks like the bearish head and shoulders are playing out. Also the USDCHF pair has really dropped fast. Down we go. Next target bearish 1.3195. This demonstrates why you MUST be flat (at 0 pips stop loss) before NEWS.
UPDATE 2 – break hook and go now in progress 12:18
Did you see they way they squared up the big candle. There’s no more news till 3pm so I am pretty much expecting the drop any time.