ICmarkets

EUR/USD Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
50 0 0
4hr TF.

The higher picture resembles the following:

• Buyers and sellers still remain trading within weekly demand at 1.34760-1.36314.

• Trading remains capped between daily supply at 1.37297-1.36879 and daily demand below at 1.34760-1.35265.

Would you look at that! Price came within a few pips of our pending sell order set at 1.36416 and then dropped like a rock! Very frustrating!

If we think back to the last analysis where it was reported that upon a break of the low 1.36013, it was likely that price was going to get to the low 1.35746 sometime soon, however before that happens, pro money would more than likely require liquidity to push price down as far as that. So, what did we see them do? They pushed price hard north, fooling countless traders, and then sold into all those buyers giving them the liquidity they needed to possibly push price down further.

After a break of the round number 1.36000 was seen (at the time of writing), buyers and sellers are currently battling it out around the lows 1.35880, a small break below here touching the low 1.35746 would likely complete pro money’s work for this move, so be aware for this to happen soon.

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• P.A confirmation buy orders (Red line) are seen just above demand (1.35018-1.35375) at 1.35417. The reason behind us placing a P.A confirmation buy order here, rather than a pending buy order is because the aforementioned demand area appears weak as deep spikes have been seen recently (marked with two arrows).

• Pending sell orders (Green line) are seen just below the decision-point supply area (1.36632-1.36485) at 1.36416. The reasoning behind placing a pending sell order here is due to the simple fact we have seen buyers consumed lower around the lows 1.36013, thus making it a low-risk high-probability trade.
• P.A confirmation sell orders (Red line) are seen just below supply (1.37224-1.37028) at 1.36894. A P.A.C order was selected here due to the reaction seen at the aforementioned supply area proving its validity. However, pro money may well decide to push price higher into this supply area if/when price returns to it, thus making it a risky trade for a stop above the high 1.36995 which could be very easily be stopped out if a pending sell order was set, hence the need to wait for confirmation.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 1.35417 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: 1.36416 (SL: 1.36584 TP: Dependent on price action approach).P.A.C: 1.36894 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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