Mark Wogan: EURUSD – Patience is a virtue

Good morning traders.

Following yesterdays close below 1.15 at 1.1465 it looks like our pair is on course for weaker prices. However. we still have the ECB on Thursday and the continued political standoff between the EC and Italy over the latters debt plans so headlines are still in play.

Unless anything significant breaks re the US$, Italy or Brexit, I suspect we will have choppy action and a more decisive move should follow Mario on Thursday.

Please note that I won’t be around from Wednesday of this week until next Wednesday so there will be no daily diary for a few days.

The Daily Chart

The dance around the 1.15 level continues but yesterdays close suggests a retest of the double bottom lows at 1.1430 and a possible break further to test 1.14. Below here, as mentioned before, we have 1.1350 and the big fig of 1.13. We don’t have much support below here until we get to 1.10.

The Hourly Chart

Key levels to the downside are at 1.1430, 1.14 and 1.1350. Upside levels remain the same. Look where the price turned down from yesterday – right at our 1.1545s level.

It’s much the same as yesterday for me. I´ll continue to watch price at the key levels and trade according to what I see on the ltf charts.

One thing I will be keeping a close eye on is how price reacts at 1.1430. Should we get a run through and a retest from below – it could be a great place to get short from into Thursday.

Sometimes there is not much to say about a pair which is different from the past few days.

In which case I will say so and leave it at that. We are traders. We are not analysts. When traders don’t see anything clearly – they stand aside or scalp the short term price action.

Patience is one of the greatest virtues in this business!

Have a good one amigos.