ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
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Weekly Timeframe: The EUR/USD             is in a very tricky spot at the moment. We can all see price seems to be holding above the weekly support flip level seen at 1.27541. Be that as it may, going long here would not be wise in our opinion as a strong-looking weekly supply area at 1.29941-1.28583 is seen looming just above like a big-black rain cloud!

Daily Timeframe: The daily timeframe shows much the same as the weekly timeframe , only in more detail. Price is currently confined to trading between a small daily resistance flip level seen at 1.27500 (located just below the aforementioned weekly support flip level), and a relatively small daily supply area coming in at 1.29001-1.28453 (located just within the aforementioned weekly supply area). We will only have an idea on future direction once one of these areas gets consumed.

4hr Timeframe: The 4hr timeframe shows that price still remains trading between a minor 4hr Quasimodo resistance level at 1.28667, which is seen just within the daily supply area mentioned above at 1.29001-1.28453 (tentative sell orders are seen just below at 1.28624), and a round-number level coming in at 1.27 (tentative buy orders are seen just above at 1.27042). Could we trade this range? We certainly could, but would only be possible in our opinion with lower-timeframe confirmation, as a break could be seen at any time.

With that being said, a break above the aforementioned range would likely force prices to test a 4hr supply area at 1.29295-1.28959, and conversely, a break below would likely attract further selling down towards a nice-looking 4hr demand area at 1.26236-1.26469.

Buy/sell levels:

• Buy orders: 1.27042 (Predicative stop-loss orders seen at: 1.26689).

• Sell orders: 1.28624 (Predicative stop-loss orders seen at: 1.28918).

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