Mark Wogan: EURUSD – turnaround tuesday?
Good morning traders. Yesterday we were looking at higher prices in the single currency and I was looking at 1.1520 or the big figure to get long. Unfortunately my resting orders down here didn’t get filled as price couldn’t break below the 1.1540s level.
If you were watching price action closely there was a decent entry at 1.1555s later in the morning session but you would have had to be on the 5m chart to see it.
So we were right in thinking bullish prices but it was tough to get on board.
Turnaround Tuesday (or more of the same)
Looking at the daily chart, while we didn’t get a close higher than Fridays high – it still looks bullish. There is nothing of significance on the data slate for today but the Italian debt issue and Brexit will continue to throw a few headlines at us which could push the price about intraday.
EURUSD Daily Chart
On the hourly 1.1542 and again 1.1520s (and poss 1.15) look like decent reaction points. An alternative view is that we have made a double top at the 1.16 and we could be headed lower.
As ever I´ll be on the 5m chart watching how price moves at these levels to get a better picture.
EURUSD Hourly Chart
Buckle up and go gettem!
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.