Good morning traders.
We didn’t get any ´Turnaround Tuesday ´ action yesterday and marked up another day where no levels were triggered so again nothing to add to our performance on the model strategy. I will come back to this point in another post.
For today we have little on the data slate so we are left possibly trading another quiet tight ranging day with a bias to more grinding south.
Looking at the chart it seems south of 1.14 is to be tested unless we see any positive price action from the open (and once last weeks lows have been flushed out – we still have a few pips left to go on my chart as I write).
If we are to continue down the chart the 1.1380 level offers some support as does the 1.1350 level. The chart doesn’t look like a particularly easy read to me in the 1.13 – 1.14 range. In which case I have no strong conviction that our model levels will perform well so I suggest you watch them carefully when or if triggered and be quick to use them both ways as needed.
Today’s charts below.
The Daily chart
From the daily we can see that the 1.1380 ish level offers some support at the top of the bear candle noted. We also have the diagonal trend line kicking in just below although as it was broken previously it might not offer that much structure to trade off.
The Hour Chart
Levels as per.
In summary for today the chart looks bearish so my weight of expectation is for more downside action. But as we know anything can happen so whilst my view is for lower prices I will be watching price action closely and trading accordingly up or down around our levels.
Have a good day and I suggest extra care today while we resolve one way or the other. It looks as though this range has a death grip on our pair:).