Good morning traders.
Pretty quiet yesterday during London and New York morning sessions. No levels were hit so no H1 trades to report. For information the levels I post are only really relevant for me up to 4.30pm GMT when I tend to down tools and call it a day! That´s not to say they aren´t still good afterwards during later New York and Asia its just that I rarely take trades once I´ve put in my shift at the charts. It´s more important that I watch ´Pointless´on the BBC. Obviously being a trader its cocaine, alcohol and hookers afterwards (err…if the missus lets me out) but can´t miss Pointless :).
Overnight we had Trump giving a national address on border security etc. which from the tone of his speech doesn´t look like there will be a solution to the shutdown soon. Both sides seem entrenched. But he held off declaring a state of national emergency.
However, perhaps from a risk perspective The US and China delegations continuing to meet today regarding attempting to strike a deal on trade is more important. Watch out for headlines and comments as this will be important for risk,the USD and hence, the eurusd.
Re our pairs potential for today we stayed close to the top of the range which continues to suggest a test higher. But as we have discussed already, the economic and political uncertainty makes it a tough call either way.
In which case we will stick to our levels.
The Daily Chart
The Daily chart looks to be setting up for a move above 1.15. Whether it stays and continues above this key level is debatable but the chart looks constructive to the upside. 1.1550 would be the next upside level and if it has legs, 1.16 plus.
The Hourly Chart
Levels noted as per. Watch out for resistance becoming support should we get any protracted move up and vice versa to the downside. If we don´t hit any of the levels again today and if you are at your charts, drill down to the lower time frame charts for scalp entries. If you want you can always get me here in the comments section or on twitter and I´ll show you what I´m looking at re scalp levels.
Ok we have a plan, we know how to trade the plan so lets get going. Only 10 hours until its time to watch Pointless (oh and the other typical traders stuff afterwards lol).