ICmarkets
Short

Our take on the EUR...

FX:EURUSD   Euro / U.S. Dollar
306 0 4
Well, we did not expect price to react so beautifully to the AB=CD bullish pattern at 1.1171 yesterday! In fact, we were not expecting it to trade above 1.1200, yet, the EUR rallied a little over 100 pips reaching highs of 1.1279 on the day.

Consequent to the above, daily supply at 1.1329-1.1269 is once again seeing some action, as is the weekly supply drawn from 1.1532-1.1278. Looking to the 4hr chart, however, we do not see any noteworthy resistances yet in play until supply at 1.1329-1.1301. With that, our team believes that price could potentially continue to advance today until reaching the above said supply zone .

Therefore, assuming that our analysis is correct and the EUR does indeed continue to advance, would we deem this 4hr supply zone a stable platform in which to look for shorts? This is certainly a viable base to sell from judging by the stern reaction seen previously on the 02/10/15 at 1.1381. However, traders need to be careful here. The previous touch could be the every reason why this area may fail, since a ton of offers/supply was likely consumed, thus potentially adding fuel to fake higher to supply sitting just above at 1.1366-1.1349.

As a matter of a fact, barring any news spikes, we have so much more confidence that the 1.1366-1.1349 area above will be the more higher-probability zone to trade from. We have placed a pending sell order at 1.13465 with a stop set above at 1.13717.

Levels to watch/live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 1.13465 (Stop loss: 1.13717).
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out