Good morning traders.
With Draghi and no less than 5 Fed Heads out on the wires this afternoon and evening its starting to look like a Friday talk show. Be ready for an avalanche of opinion which will all at the end of the day be singing from the same song sheet. From our pov Draghi´s comments will have the most weight but we will watch for what Williams has to say as he is up to the mic first.
Before the talk shop begins we have German IFO business climate at 10.00 CET then nothing until the Feds Williams at 16.15 and Draghi at 16.30.
Yesterday was a fairly uneventful day for our pair but we did get another trade off from R1 Zone. In fact we had 2 chances to get on board a short from resistance with both providing for at least 30 pips and less than 10 pips risk on the lower time frame chart. If you captured both – well done. I´ll only take one for our performance results.
Trade talks and Brexit continue to capture the headlines so we will listen out for anything new on either front as both can impact on eurusd.
The Daily Chart
Re the Daily I´m struggling to find anything new to say. We are in a range with 1.1370 and 1.13 looking to provide S & R intraday. Draghi´s comments could spice things up but its a bit late in the day on a Friday to be initiating new trades.
The Hourly Chart
I think as we are back where we started yesterday as I write I will leave the S & R zones in place. Remember to watch the LTF charts for entries should we test these areas and in case we do get a sustained move, watch out for S turning into resistance and vice versa – you know the drill by now.
Have a good day and weekend and don´t forget to give a sound rendition of ” Swing Low Sweet Chariots” as England take on Wales in Cardiff tomorrow – the grand slam awaits :).