ICmarkets
Short

Our thoughts on the EUR today guys....

FX:EURUSD   Euro Fx/U.S. Dollar
252 0 7
The value of the EUR strengthened in aggressive fashion on Tuesday following Dovish comments from Federal Reserve Chair Janet Yellen. H4 supply at 1.1259-1.1236 (now acting demand) was completely annihilated, which saw price attack offers around psychological resistance 1.1300 by the day’s end.

Despite yesterday’s bullish attack, the technical picture remains bearish . Over on the weekly chart, supply at 1.1533-1.1278 has once again been brought into the picture. This area has held this market lower since May 2015 so it is not a zone to take lightly! Down on the daily chart , price is seen trading within shouting distance of supply coming in at 1.1385-1. 1332             (glued within the aforementioned weekly supply).

With the above points in mind, battle lines going into today’s sessions are as follows:

• The 1.1300 figure. This level, considering it sits within the above said weekly supply, may be line to trade from today. Nevertheless, we would highly recommend only entering short from here alongside lower timeframe confirmation due to the daily chart showing room to advance to supply at 1.1385-1. 1332             .

• The H4 Quasimodo resistance line at 1.1338 together with the H4 mid-level barrier above at 1.1350. Both hurdles sit beautifully within the noted weekly and daily supplies, and taking into account the reaction seen from the H4 Quasimodo barrier on the 17th March, this is certainly an area to keep an eyeball on for sell trades!!!

Levels to watch/live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 1.1300 Tentative – confirmation required (Stop loss: dependent on where one confirms this level). 1.1338/1.1350 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
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