ICmarkets

EUR/USD: Technical outlook

FX:EURUSD   Euro Fx/U.S. Dollar
145 0 1
Backed by daily price trading from a demand zone at 1.1242-1.1202, recent H4 action shows that the EUR/USD             extended its bounce from H4 support at 1.1233 yesterday, managing to reach highs of 1.1337 on the day. In addition to this, the single currency wiped out H4 supply at 1.1303-1.1287, which, as you can see, was later on respected as demand. The green arrow seen on the H4 chart represents yesterday’s high while the red arrow highlights H4 supply at 1.1349-1. 1333             . We believe, given the bullish response seen from the current H4 demand, that yesterday’s high consumed the majority of offers within the current H4 supply in order to push prices higher today. Furthermore, let’s also keep in mind that over on the daily chart there is room seen for this market to appreciate towards daily supply coming in at 1.1446-1.1369.

Our suggestions: Although H4 and daily structure suggests that this might be the better path to take today, buying this market is not something our team will be taking part in. The reason being simply comes down to the large weekly resistance area surrounding current price at 1.1533-1.1278.

To our way of seeing things, the more concrete             zone to be looking for trades is seen between 1.1410/1.1392. This area is formed by two H4 Quasimodo resistance lines, coupled with a psychological number lodged in between at 1.14. Additionally, it is also housed within both the aforementioned weekly and daily barriers (see above); therefore the chance of a bearish reversal from here is much greater in our opinion. Despite all of the above our team will, even if price strikes the 1.1410/1.1392 region today, likely pass on selling from here since price action is potentially going to be very ugly due to the UK voting taking place today.
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