Note: The S/R levels (i.e. likely bank trader order levels) as depicted in their respective timeframes in this and prior articles have not changed, and will likely NEVER change regardless what happens in financial markets. What follows is my own world view, developed from an institutional trading career dating back to 1995.
The title above speaks volumes on this slow day.
In the background, markets are on edge while awaiting what Trump will tweet about next. Then there’s the US CPI data tonight and the retail sales numbers on Friday.
The EURUSD ceiling at 1.1380 is still a viable target, but the intraday orderbook as depicted by the M5 chart will keep prices in range ahead of US inflation data due soon.
Cable will be contrained to ranging around 1.2715 in the meantime as well.
On the AUDUSD front, daytraders and scalpers can refer to the H1 and M5 charts below for target setting, looking for levels to sell Aussie.
USDJPY will be stuck around 108.55 for some time. There may be some scalping opportunities but as the ranges are pretty tight, you’ll have to play big or stay out.