Mark Wogan: Eurusd continues to test lower prices

Good morning traders.

As expected due to the US holiday yesterday we had a fairly quiet day. No levels were hit so no updates to our model strategy.

With regards to today I have nothing to add from a macro perspective to what I posted yesterday.

So lets get straight into the charts for today

Daily Chart

The trend line at around 1.1330 looks like its going to be tested today. Look for a break through and a retest of this to be a good place to get short into the ECB on Thursday. The chart continues to look bearish with an outside red candle on Friday followed by a doji yesterday.

Hourly Chart

Levels as per.

The trend line (TL)  shown on the daily chart is shown on the hourly chart coming roughly between S1 and S2. Watch for any move to S1 to be supported to the underside by this trend line. If we push through S1 and the diagonal TL, S2 may have limited upside as the TL could then act as Resistance. If you cant be at your charts today watching for the interaction between our usual horizontal levels and the diagonal TL it may be wise to stand aside until it becomes clearer.

OK amigos lets get to it:).