EUR/USD technical outlook and review...

FX:EURUSD   Euro / U.S. Dollar
456 2 7
Weekly timeframe perspective: The weekly timeframe shows that active selling is being seen from just below a major weekly swap level coming in at 1.1096. This, coupled with the fact the Euro             is in a stonking great downtrend at the moment does not look good for anyone currently long this market.

Daily timeframe perspective: A decision has clearly been made on the daily picture. The sellers strongly closed prices below a daily swap level visible at 1.0716 yesterday, which in turn has likely opened the gates for prices to challenge the daily demand area seen at 1.0461-1.0565 (reaction to the weekly demand area mentioned above).

4hr timeframe perspective: The recent descent on the Euro             took out not only a small 4hr demand area at 1.0749-1.0772, but also the round number 1.0700 as well. The assault ended with prices colliding with another 4hr demand area at 1.0612-1.0658, which actually forms the first layer so to speak of a 4hr stacked demand formation.

Considering where the market is trading on the higher timeframes (see above) at present, it’s very hard for our team to be bullish . The 4hr stacked demand formation seen on the chart between the limits of 1.0550 and 1.0658 will in our opinion not see much of a reaction until price reaches the extreme 4hr demand at 1.0550-1.0573, since this zone is located within the aforementioned daily demand area.

With regards to selling, our team has come to a general consensus that it may be best to wait to see if prices can close below the aforementioned stacked demand formation before considering shorts, as this move would likely open the possibility for shorts down to at least until the 4hr demand area at 1.0461-1.0510 (located deep within the aforementioned daily demand area).

Current buy/sell orders:

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

• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).
Thank you sharing your views
ICmarkets PRO AndrewHook
You're very welcome, Andrew.

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