Another fairly tame day Tuesday, but the moves were rhythmic and capturable within the 80 pip range which is once again a fair bit below average.  Here is what we can look for on Wednesday.

That the EUR/USD forex pair cannot get to 1.5060 is a little disconcerting.  I recall another time we could not push through this level….oh wait…that was last month when we plunged 400 pips when we tested this level several times.  Will that happen again?  Who cares, we have to trade it one day at a time anyway.

The likelihood of a break up OR down at this level is pretty much the same.  Am I hedging my comments…absolutely.  Trade with price at certain levels and it will tell you which way it is going to go.

A rise into 1.5025 indicates a test of Tuesday’s highs at 1.5040-1.5045.  Movement above indicates a test of former highs at 1.5060 and beyond that (if needed) 1.5115 and 1.5140.

Support is between 1.4950-1.4940, followed by 1.4910, 1.4880 and 1.4840.

Day Trade the Day Lights Out of It,

Cory Mitchell, CMT
Chief Market Strategist
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