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 probably 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.
EURUSD is testing the 1.1145 bottom of the range target as per the Weekly chart.
Note that the S/R levels on the W1 chart is exactly the same as on the Daily chart in whatever pair I’m looking at.
The 1.1145 S/R level features prominently across all the timeframes we’re looking at today, which likely means price will be stuck here for a while as the ECB doesn’t normally have any flair for the dramatics.
Unless Trump speaks, maybe.
According to the press, the euro is pressured by expectations for a rate cut from the ECB tomorrow, whereas the dollar is supported by Fed rate cut hopes filtering into the stock market.
The above is an example of why I only point out what’s in the news but I don’t necessarily believe the causality.
In other news, Boris Johnson is now PM of the UK, and I get the impression the markets are still hoping against hope.
Today’s S/R levels for the other pairs are as follows: