Good morning traders. Not much happened overnight as the …….. haha gotcha. The single currency tumbled through the crucial 1.15 support overnight to give us the daily close we have been talking about for the past 2 weeks.
Consequently we have to be thinking of where it might be headed if it continues this down move as higher prices look less likely now support has been broken. That’s not to say we can’t still get a move up, it’s just that technically the probabilities lie south for the pair.
As we have Non Farm Payrolls tomorrow (not the mover and shaker it used to be as everyone knows jobs are Magatastic as some might say) it´s still capable of influencing the market. Further, we have options of around €3.8bn between 1.1450 and 1.5 coming off tomorrow so my instinct is not to get too involved with the pair until Monday week – if you are a swing trader that is (as an inveterate scalper I´ll jump in wherever I see good odds!).
Once Non Farm Payrolls and those hefty options are over we´ll get a clearer view – well, at least I hope will.
So what’s Up for Today on the EURUSD Daily and Hourly?
The above in mind, there are three levels we have to be thinking about on the Daily chart – 1.1430, 1.14 & 1.13 – all marked with x´s on the chart below. Of course, should we get a turn, the levels above stay the same.
On the hourly chart, first support comes in at around 1.1445 with the big figure coming up next.
EURUSD Daily Chart
EURUSD Hourly Chart
There’s not much as yet to work with on the 5m chart so its easier to see where our short term inflection points might come in at on the 15m chart. See below. Once we get some intraday structure building, the 5m will get a bit clearer. For now I´m looking for a retest of the 1.15.
EURUSD 15m Chart
Tight lines amigos. Catch you all tomorrow 🙂
Please note: All opinions expressed above are from the author and not necessarily shared by The Armchair Trader. All financial investments involve an element of risk. The value of your investment may fall as well as rise and you may get back less than your initial investment. With Spread bets and CFDs your losses may exceed your deposits.