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I tried to take almost every good trade setup today to make up for the pips I missed this Monday but I still missed out on this long EURJPY trade. The pair broke above the long term falling trend line connecting the highs of the price. Yesterday, it seemed like the pair was gearing up for a pullback so I drew the Fibonacci tool on the latest swing move. I noticed that the price could retrace until the 61.8% Fibonacci level since it coincides with the trend line. However, I already had three trade orders open so I decided to skip this one.

The euro zone didn't release any top-tier reports yesterday. In fact, there were no high impact reports on yesterday's economic schedule! Another reason why I decided against taking this trade was that I thought the upbeat sentiment spurred by the EMF proposal would die out and that debt concerns would continue to weigh the EUR down. And it did! Well, it turns out that new debt problems surfaced, this time from Spain and Portugal. Better be on the lookout for an opportunity to short the EUR then...