Good morning traders.
Quiet price action for our pair yesterday. Eurusd tested the top and bottom of the Asia range and didn´t do much else.We traded to S1 and stayed within a 20 ish pip range for the next 5 hours.
I left a comment at the end of the diary yesterday noting that I closed my model long from S1 at +20 at 16.30 my time CET. I also tweeted it. I will make updates in the comments section and via twitter where appropriate if I think it makes sense to close trades outside of the model strategy for any purpose.
Shortly afterwards on comments about Brexit (which were quickly denied) eurusd spiked up (and quickly down again) to give us a 26 pip model strategy target exit anyway. Cést la vie :).
Today might be a fairly quiet session again while we wait for the UK Brexit vote tabled for 19.30 GMT. We also have Draghi out on the wires at 15.00 GMT which may spark a little excitement depending on what he says.
From a macro perspective nothing really to add to the comments I made yesterday. While we stay above 1.1450 on daily closes we are above the range top and the upside is still in play.
Charts and S & R levels for today are noted below.
The Daily Chart
No change to the Daily chart. We again closed above 1.1450 but stayed in a tight range all day yesterday.
The Hourly Chart
Levels as per. No change to the levels today as price action remained muted. Remember if we get any significant move today the levels can change their function with Resistance becoming Support and vice versa.
Not much else to say for today. Draghi later this afternoon could stir things up and then the UK Brexit vote later.
Stick to the drill and have a good one amigos.