ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
14 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is now firmly trading within weekly demand at 1.32940-1.34847 with buyers showing very little interest at the moment.

• Daily timeframe: The daily demand area at 1.33984-1.34397 has now been well and truly consumed. The sellers have made an attempt towards the daily area of interest at 1.33559, and have so far reacted bullishly. Price now remains capped between the aforementioned daily area of interest and a small daily supply area above at 1.34433-1.34202. A break above this area could very well prove some buying strength exists around the weekly demand area (see above).

A strong push below and a retest of the round number 1.34 has been seen. Medium-term bias for us is still very much short, price can drop a lot further than this as there is relatively little demand (take a look to the far left of current price action, check out those wicks that most likely consumed the buyers as price rallied higher) in the way down to around the 1.32758 level.

Price is currently seen reacting off of the round number and appears slightly bearish at this point in time, we cannot however rule out a break above this round number up to at least the 4hr decision-point at 1.34428-1.34305, and with some buying strength, even the 4hr D/S flip area at 1.34760-1.34943. A push higher could be seen due to liquidity requirements for pro money sellers, they will need all the buy orders they can lay their hands on to get prices down to the 1.32758 level just mentioned.

Therefore, we will be watching the following 4hr areas for a bearish reaction (1.34428-1.34305…. 1.34760-1.34943).

Pending/P.A confirmation orders:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below a decision-point area (1.35286-1.35211) at 1.35194 has been removed, price too far the entry level.
• Pending sell orders (Green line) are seen just below the 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, meaning there may well be unfilled sell orders still lurking there.
• Pending sell orders (Green line) are seen just below a decision-point area (1.34428-1.34305) at 1.34266. The reasoning behind placing a pending sell order here is because this was the likely area pro money made the decision to break below (what was at the time) 4hr demand at 1.33984-1.34404, meaning there may well be unfilled sell orders still lurking there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. 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) 1.34266 (SL: 1.34459 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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