We slowly but surely added to our pip count last week in what has been an incredibly slow month after the ups and downs of last month. Multiple pairs appear poised to make a breakout but give caution to the G8 summit talk reports and comments coming out of Europe today. We don’t expect anything earth-shattering to emerge today, but we’ve been surprised before.
Yesterday’s EUR/USD Signal Result: Our long was not triggered last Friday as price continued to consolidate beneath our falling resistance.
Today’s Signal: That falling resistance, connecting the highs of June 13th and 14th, is the topside to a bullish pennant formation on the 4h charts. We will look to get long on the natural extension (resistance break) of that formation with a TP of 80 and a SL of 50.
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Today’s Important News Events: