Action today has been pretty flat, and we’ve not had too much opportunity to get in and out of the markets according to the levels we outlined this morning. Price ranged sideways for the majority of the European session, and while we got the odd break, it didn’t last, and price returned to close back within the range before the candle closed out, so we didn’t get in on the break.
It can be frustrating sometimes when we don’t get in on the breaks, especially when we see volume, but there’s a silver lining. When price ranges sideways on reasonable volume we generally get some pretty solid key levels outlined. Specifically, because price tests support and resistance repeatedly, the levels under scrutiny become stronger. Strong levels generally translate to strong breaks, and strong breaks carry forward to attractive price targets.
So, with this in mind, let’s get things outlined for this evening’s session. As ever, get a quick look at the chart below to get an idea of what’s on for the Asian session going forward. It’s a five-minute candlestick chart with a really tight range overlaid in green. We are going for a tight range in the hope that we get