Good morning traders.
I will be keeping it brief this morning as we are making some changes to the website here. I´ll add any interesting / useful macro stuff as we go through the week.
We have no data slated for today. On Wednesday we have FOMC meeting minutes and Thursday German flash manufacturing PMIs.
The Daily Chart
The downtrend continues and we closed below the important 1.1176 levels Friday which I suspect opens us a test to the yearly lows at 1.1110s. If that gives the low 1.10s are the next port of call with 1.0850 below. However, we seem to be making shallower swings since the start of this year so whether we get down to the 1.0850s is more of a stretch than the 1.10 figure to fill in the void marked on the chart by the grey rectangle.
The Hour Chart
As I write on Sunday afternoon it looks pretty clear where the levels are. S1 is down close to the 1.1110m low and R1 at 1.12. Any first test on either of these two levels is highly likely to be faded.
Have a good day and hopefully we will be fully back up to speed within the next day or two.