EUR/USD. Bottom 1.1126. Range break above 1.1105, Below 1.0964. Overbought Sell Point 1.1244. A top nor bottom is seen today rather the price is trapped between a significant resistance above and significant support below. Same scenario in AUD this morning. And same scenario existed during and after FOMC yesterday. My assumption is the support and resistance is located between bottom at 1.1126 – 1.1182. The Skew slightly favors the downside for today.
Strategy. Shorts below 1.1182, target 1.1154 then Bottom at 1.1126. On the way down, 1.1171, 1.1158, 1.1154, 1.1140, 1.1133, 1.1126. Longs above 1.1184, target 1.1244, Points on the way up, 1.1191, 1.1216, 1.1244. Not much confidence in long trades and zilch confidence in a 1.1244 target but I offer the info anyway.
Brian Twomey, Inside the Currency Market, btwomey.com