ICmarkets

EUR/USD: technical outlook and review...

FX:EURUSD   Euro Fx/U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows price still remains trading between weekly supply coming in at 1.1678-1.1458, and a weekly Quasimodo support level visible at 1.1109. Nevertheless, much of the recent trading action has been seen taking place just below the aforementioned weekly supply area.

Daily Timeframe: The situation on the daily timeframe remains relatively unchanged, as the buyers and sellers continue to trade between a daily demand area seen at 1.1260-1.1318 and a daily swap level sitting at 1.1411.

4hr Timeframe: The latest coming from the 4hr timeframe shows price is now range bound between1.1411 (the daily swap level), and 1.1336 (located a little above the daily demand area at 1.1260-1.1318). For anyone considering trading within this band, tentative buys are seen at 1.1341 and sells at 1.1406. However, we would not recommend trading these levels without the use of confirming price action from the lower timeframes, and easy-to-reach targets.

A break below this 4hr range would likely force the market to test a small 4hr demand area at 1.1304-1.1318 (located just within the aforementioned daily demand area). Buying with corresponding lower timeframe confirmation around the 1.1321 mark is feasible as long as one remains aware that they are effectively buying not too far from weekly supply at 1.1678-1.1458.

Conversely, a break higher would likely attract further buying towards the 4hr supply area seen at 1.1497-1.1462. We’ve placed a pending sell order just below here at 1.1457 and a stop just above at 1.1503, since this area remains relatively fresh, and is located just within the limits of the aforementioned weekly supply area.

Current buy/sell orders:

• Buy orders: 1.1341 (Predicative stop-loss orders seen at: dependent on where one confirms this level) 1.1321 (Predicative stop-loss orders seen at: 1.1295).

• Sell orders: 1.1406 (Predicative stop-loss orders seen at: dependent on where one confirms this level) 1.1457 (Predicative stop-loss orders seen at: 1.1503).




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