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Mark Wogan: New month – same Eurusd?

Good morning traders.

What can I say – we had another zone to zone trading session – just like we thought would happen. From our trading performance pov we had a loser and a winner yesterday.

First trade was a short at 1.14 and was stopped for -13 pips (our model stop loss). Second trade was a re-entered short at 1.1412 after watching the lower time frame price action. This went down to 1.1360 but I´ll take our model +26 for our performance log. That´s +13 for the day. Not a barnstorming day but still a profit which leaves firmly up for the week and the month. I will update performance this weekend.

For today we might well be in for more of the same again. Risk is back on tap as Asian and US equity futures rose over night with the Dax on the front foot this morning. China posted its first beat on Caixin manufacturing PMI since Jan last year. This has so far been accompanied by a slight rise in the USD back up over the 96.00 mark.

On the data slate today we have EU flash CPI´s at 11.00 CET and US ISM Manufacturing PMI at 16.00.

The Daily Chart

Nothing to say other than yesterdays candle doesn’t look all that bullish. Maybe we will look to test lower this month – maybe not. I´m not good with predictions longer than a day – and even that is a stretch :).

The Hourly Chart

Zones and levels as per.

As I write we are right on the pivot at 1.1372. A run below might take us down to S1. A run up might bring in R1. Alternatively we could just be chopping around the 1.1350 to 1.1420 range all day.

Tough to see what might be unfolding today so I´ll watch price action and be guided by what I see.

Have a good weekend :).




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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