ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro/U.S. Dollar
141 0 1
4hr TF

The higher-timeframe picture resembles the following:

• Weekly TF: Price still remains relatively deep within weekly demand at 1.32940-1.34847, and at the time of writing there appears to be little interest seen from the buyers. A break below this area could force prices to test the weekly demand area at 1.31037-1.32262.

• Daily TF: Buyers and sellers remain trapped for the time being between a daily level of interest below at 1.33559, and a daily decision-point area above at 1.34433-1.34202. If we see a break above here, this will likely indicate healthy buying pressure from the aforementioned weekly demand area.

The temporary support at 1.33794 was indeed broken south, and a deep test of the 4hr demand area at 1.33360-1.33619 was shortly seen afterwards, as reported would likely happen in the last analysis.

We have a pending buy order set relatively deep within the aforementioned 4hr demand area at 1.33526 which has now been filled. From here we see very little stopping price from hitting at least the round number above at 1.34, ideally what we want to see is a full close above the 4hr decision-point area at 1.34433-1.34305.

(From the last analysis – but still remains valid) As already mentioned above, price is currently trading within a weekly demand area (levels above), so higher prices are naturally expected. For buying strength to be proved however, we need to see a break above the 4hr decision-point area at 1.34433-1.34305, as this will also mean the daily-decision-point area (levels above) has been consumed also, so we can then expect higher prices at least up to the next fresh supply areas on the respective timeframes (Daily: 1.34760-1.35265, 4hr: 1.34760-1.34943).

Pending/P.A confirmation orders:

• The pending buy order (Green line) set within 4hr demand (1.33360-1.33619) at 1.33526 is now active, so do keep an eye on our first take-profit level set at the round number 1.34.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the 4hr D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.33526 (Active) (SL: 1.33280 TP: 1.34 1.34305). P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.34753 (SL: 1.35031 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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