|Euro 30-Minute VIP Chart|
We open the 30-minute VIP chart of the Euro and we see a very concerning bit of price-action on this chart. First, we can see the narrow trading-range we are currently within from 3189 down to 3158. Second, we can see price-action is in the middle of the overnight trading session (London) which tells us that the sellers and the buyers are both in agreement at this time for who is in control. This sounds like a good thing, but in reality when the market personality is ‘in balance’ we don’t have any volatility which is what we need to get price-action moving and get winning trades on our account. Without the volatility we must sit-on-hands today and stay patient.
The Euro is moving lower this morning on our anchor charts, with new lower-lows below the 3187 support level on the 5400-tick chart. We can see a wide open space below the 3187 all the way down.
(SY) US President Obama reiterates that a limited strike is necessary in Syria with no troops on the ground- US has a broader strategy that will allow increased aid to the opposition forces, will ask for a prompt vote from Congress regarding the Syria mission- SourceTradeTheNews.com
*(US) AUG ISM MANUFACTURING: 55.7 V 54.0E; ISM PRICES PAID: 54.0 V 51.6ESub Indices: - New Orders Index: 63.2 v 58.3 prior (highest since April 2011) - Production index: 62.4 v 65.0 prior - Employment Index: 53.3 v 54.4 prior - Inventories index: 47.5 v 47.0 prior - Spread (new orders to inventories): 15.7 v 11.3 prior - ISM's Holcomb- SourceTradeTheNews.com
*(US) JULY CONSTRUCTION SPENDING M/M: 0.6% V 0.4%E- Prior MoM revised higher from -0.6% to 0.0%- SourceTradeTheNews.com
The Euro gives us no reason to do anything but sell short this morning. The only concern we have is the sleepy market personality after the end of the summer.
We can see ample amounts of wide open space below the support zone at 3171 and our profit-target for selling-opportunities is the 3094 support zone below. We have resistance overhead at 3244, 3260, 3276 and 3297 before we test the big-round-number of 3300.