ICmarkets

EUR/USD Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: Not a lot of movement has been seen on the weekly timeframe , and as a result price remains trading around the Weekly demand swap level coming in at 1.26591-1.28010.

Daily Timeframe: The daily timeframe shows that the buyers and sellers are currently battling it out around the 1.26837 level. A break above this level would not only confirm buying strength from the daily demand area below (1.24642-1.25616), but would also likely encourage further buying up to at least the daily supply area at 1.29001-1.28453, which if seen, would also completely consume any sellers around the Weekly demand swap level mentioned above at 1.26591-1.28010 as well.

4hr Timeframe: The 4hr timeframe shows that there were clearly some unfilled sell orders around the 1.26580 area, which is not surprising really considering this is the point where big sell orders were pumped into the market as a result of positive NFP numbers on Friday last week. The EUR/USD did indeed fall from the 1.26580 area, but it was not long before the market found support around the 1.26 level and allowed buyers to come into the market, which subsequently saw price rallying up to a combined 4hr supply/round number area seen at 1.27012-1.26806/1.27.

In our humble opinion, we believe its decision time on this pair. Prices can either break above the aforementioned combined 4hr supply/round number area, which would likely confirm that the short-term direction is north at least up until the 4hr supply area at 1.27636-1.27268 (active sell orders likely set below at 1.27226). On the other hand, selling interest could very well come into the market here and trade back down to the 1.26 level, which under those circumstances would create a temporary 4hr consolidation area.

Buy/sell levels:

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

• Sell orders: 1.27226 (Predicative stop-loss orders seen at: 1.27714).


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