EUR/USD: Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that further buying is currently being seen off of a combined weekly demand/Quasimodo support area (1.22403-1.24420/1.22866) at the moment. As a consequence, this has forced prices to trade just below a weekly support swap level coming in at 1.26229.

Daily Timeframe: Price has broken above a daily supply area seen at 1.25763-1.24794, which has likely cleared the path north up to 1.26213, a small daily support flip level. In our opinion, this has likely confirmed bullish strength from the aforementioned weekly demand/Quasimodo support area . Let’s see what the 4hr timeframe price structure looks like.

4hr Timeframe: The 4hr timeframe shows that the EUR/USD rallied higher yesterday, but found the 4hr supply area 1.26310-1.26000 to be resistive enough to turn things back around, and allow sellers back into the market.

Ultimately, what we would like to see today is for the buyers to hold above a small 4hr demand area coming in at 1.25111-1.25243 (tentative buy orders are seen just above at 1.25278), and from there to challenge the aforementioned 4hr supply area once more. This area of supply remains important as within it contains the small daily support flip level mentioned above at 1.26213, and as such, if this area is consumed, the path north would be very likely clear up to at least a 4hr supply area coming in at 1.27696-1.27315. For anyone considering going long around the 4hr demand area which price has just this minute hit, we would advise waiting for lower-timeframe confirmation, since price could very easily fake below to the round-number 1.25 before higher prices are seen.

Buy/sell levels:

• Buy orders: 1.25278 (Predicative stop-loss orders seen at: 1.24945).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

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