We have CPI in the Eurozone today at 09:00 GMT and the US Housing Market Index at 17:00 GMT. These two figures will certainly dictate the direction and movement of the EUR and Dollar respectively. While inflation was the main concern of the G8 meeting this weekend, members did not discuss exchange rates and therefore we have to focus on the inflation figures from the Eurozone today to keep track of the EUR against other pairs

Herewith the Probability Studies for Today:

EUR/USD – No Trade Zone within a Bullish Trading Condition. The previous bearish 60minute trend has been violated to the upside, therefore the bullish probability. If price stays above the Major Trend support line and the 1 hour indicators stay bullish, we will have a suitable bullish trading condition

USD/CHF – No Trade Zone. We have bearish market rhythm, bearish 60minute indicators but the bullish 60minute is still intact. Wait for either price to trend higher or for the 60minute trend to be violated to the downside

GBP/USD – No Trade Zone within a Bullish Probability. Same as the EUR, price violated the bearish 60minute trend and is now trending above the violated Current Trend support. Once the 1 hour indicators cross bullish, we will have a suitable trading condition

USD/JPY – Bearish Trading Condition. The bullish 60minute trend has been violated to the downside and the 1 hour indicators are bearish as well, therefore the bearish trading condition

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