The pair has been trending down since the surprising NFP news released last Friday. Today’s trading is in a bit of consolidation and we have hit a shelf or bear flag forming with a possible break to the downside. The target that should be in place is 1.4626 because that is the next key support level that was met on October 2. If we break down below that point we could be in a stronger dollar bullish scenario.
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I would anticipate a drop from here to the next support level. There is going to be a large volume on news releases for Wednesday December 10, 2009. The best way to find out what is what with the news is to read the December 10 daily outlook from Forex Crunch.
Be ready for the news and as always when the markets are moving quickly it can be difficult to trade and you can get your stops met quickly but it is also one of the best days to be profitable.
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