The Euro is currently in strong supply, will a sell off be seen?

FX:EURUSD   Euro / U.S. Dollar
310 0 2
Weekly Timeframe: Strong buying has been seen on the Euro             , and as a result saw price aggressively break above the weekly support flip level (1.27541) into a strong-looking weekly supply area at 1.29941-1.28583.

Daily Timeframe: The daily timeframe shows that price is currently trading within a small daily supply area seen at 1.29001-1.28453 (located within the strong-looking weekly supply area mentioned above at 1.29941-1.28583). Assuming a bearish reaction is seen here, the first area of concern for the sellers on this timeframe comes in at 1.27500, a small daily resistance flip level.

4hr Timeframe: As we have already seen on the higher timeframes, strong buying came into the market yesterday. Price broke above both the 1.27 level and the 4hr decision-point area at 1.27894-1.27731, it was only until price reached a minor 4hr Quasimodo resistance level at 1.28667 did selling interest come into the market.

Considering the fact that price is trading within higher-timeframe supply areas (Weekly: 1.29941-1.28583, Daily: 1.29001-1.28453) at the moment, we are naturally expecting to see some sort of sell off in the market.

In our opinion, selling strength from the higher-timeframe supply areas will only be confirmed once/if price consumes possible buying apposition around the 4hr supply flip area at 1.27894-1.27731 (tentative buy orders seen just above at 1.27939). It is only then would we begin looking for selling opportunities.

Buy/sell levels:

• Buy orders: 1.27939 (Predicative stop-loss orders seen at: 1.27661).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out