Mark Wogan: EURUSD on Thursday 20th September
Good morning traders. Continuing from where we left off yesterday the EurUsd remains solidly range bound!
The Daily chart (see below) has posted 2 almost identical candles on Tuesday and Wednesday with small bodies and long wicks up and down and the range boundaries at 1.1550 and 1.1750 remain comfortably intact.
Consequently our analysis pretty much follows suit until we get a breakout of sorts.
EURUSD D1 Chart
The most interesting thing to note on the H1 chart is the ascending trend-line and the levels we have been monitoring all week which seem for now to be acting as a guiding influence on price action.
Watch out for a break of this TL either way and also keep an eye out for an hourly close above 1.1720 or below 1.1650 which should give us an indication of the likely direction of travel.
Until then I will continue to scalp this range based on price action on the 5m chart.
EURUSD H1 Chart
From a macro perspective I suspect the lack of any high impact economic data out of the US has helped to keep things range bound this week but the FOMC meeting next Wednesday evening should provide a little more guidance and subsequent direction for the currency majors.
Similarly Brexit and all its implications for the Euro and for the GBP continues to cast a long shadow on the single currency and sterling. Good luck with today and if anything of note occurs I will update.
Please note: All opinions expressed above are from the author and not necessarily shared by The Armchair Trader. All financial investments involve an element of risk. The value of your investment may fall as well as rise and you may get back less than your initial investment. With Spread bets and CFDs your losses may exceed your deposits.