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Mark Wogan: EURUSD on Wednesday 26th September

Good morning traders. Nothing to add to our working plan of higher prices in the pair. As we noted yesterday, price was likely to consolidate prior to the FOMC rate decision this evening and that’s what we got.

We can see that price is still resting on our daily range top 1.1760 and still respecting the H1 trendline.

I suspect we might continue this choppy and tight range bound price action until after the Feds economic projections are announced along with the likely rate hike. After that we should get a clearer move – probably higher but dependent on what data is announced.

Until then I will be on the sidelines unless I get some moves on the 5m chart for some short term “scalping”.

Have a good one and don’t waste your capital in unfavorable conditions – it´s always best to wait!

EURUSD Daily Chart

EURUSD Hourly Chart


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.

Mark Wogan

Hi. I started my investing / trading career in 2000 and since 2011 I have been trading on a full time basis.

My focus here will be the currencies and in particular the EurUsd pair and I will post my charts on a daily basis marking up the levels I´m interested in and comment on the bigger picture context and anything else I´ll be watching out for during the day.

I also do a little coaching on a one to one basis so if you´re interested in learning how to trade just give me a shout and we can have a quick chat.

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