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

 

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