Update on EUR... Long from 1.06852

FX:EURUSD   Euro Fx/U.S. Dollar
448 0 6
For those who read our previous report on the EUR (http://blog.icmarkets.com/tuesday-10th-november-daily-technical-outlook-and-review/), you may recall us mentioning that we were still looking for price to drive lower and break below Friday’s lows 1.0707 into demand at 1.0664-1.0701 to enter long. As shown on the H4 chart, price did exactly that. Relatively aggressive sellers entered the market around yesterday’s London open and pushed trade deep into the above said demand reaching lows of 1.0674 on the day.

Consequent to this, we managed to spot a nice-looking buy entry on the M15 chart. After price stabbed deep into an M15 supply at 1.0712-1.0701 and retraced back to its origin – demand at 1.0674-1.0684, we entered long and were filled at 1.06852 around 5pm GMT             . 50% of our position is now locked in on the retest of psychological support 1.0700 (seen clearer on the M15) and our stop is now set to breakeven.

Given the fact that not only is price trading within a weekly range demand at 1.0519-1.0798, but is also responding nicely to daily demand at coming in at 1.0658-1.0722 (this daily area not only sits within the above said weekly range demand, but also coincides nicely with a bullish alternate AB=CD pattern at 1.0697), we’re confident higher prices are on the horizon. At this point, we now have our eye on Monday highs (pink circle) at 1.0788 to take further profits, followed closely by psychological resistance 1.0800.

Levels to watch/live orders:

• Buys: 1.06852 LIVE (Stop loss: breakeven).
• Sells: Flat (Stop loss: N/A).

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