EUR/USD: Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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As can be seen from the H4 chart, despite negative U.S manufacturing and construction data, the single currency sold off from just below mid-level resistance (1.0946) 1.0950 going into American trade yesterday. This 160-pip or so drop took out a couple of technical supports before ending the day whipsawing through both daily support at 1.0813 and psychological support 1.0800.

Seeing as how this pair is crossing swords with daily support (see above), and weekly action shows price loitering mid-range between supply at 1.1532-1.1278 and demand drawn from 1.0333-1.0502, our attention will mostly be driven toward longs today. However, for a trade to take place from current prices, near-term offers at 1.0850 will need to be taken out first – ideally a spike above the level and retrace back to 1.0813 would be nice for an entry long.

Should the current daily support give way, nevertheless, we’ll then be eyeing shorts down to the next daily support fixed at 1.0725. A retest of this level along with lower timeframe confirmation would need to be seen before committing capital to this idea.

Levels to watch/live orders:

• Buys: Watch for offers to be taken out around 1.0850 before looking to long from the 1.0813 region (lower timeframe confirmation required).
• Sells: Watch for bids to be consumed around 1.0813/1.0800 and then look to trade any retest of this area thereafter (lower timeframe confirmation preferred).
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