ICmarkets

EUR/USD: We're watching for price to break above 1.29580

FX:EURUSD   Euro Fx/U.S. Dollar
151 0 1
Weekly TF: The EUR/USD             sold off sharply last week breaking below the weekly demand area at 1.31037-1.32262. This move potentially cleared the way down to a prominent weekly ‘buy zone’ seen at 1.26591-1.28010.

Daily TF: A reaction has been seen around the top of a daily demand area at 1.27541-1.28676, not surprising really considering this area is sitting just above a weekly ‘buy zone’ mentioned above at 1.26591-1.28010. The subsequent rebound rally produced a potential bullish closing price, but the only way find out if this buying is legit and not just traders covering their shorts with be a follow through to the upside. A key area in particular is the daily decision-point area (supply) above at 1.31589-1.31091.

4hr TF: Our P.A confirmation buy level set at 1.29056 was recently triggered (just above the 4hr S/D flip area at 1.28970-1.28590 and round number 1.29), a subsequent rally followed up to an important 4hr decision-point level at 1.29580, which in our opinion NEEDS to be consumed (essentially meaning price breaking above this level) before any pending buy orders are set.

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 1.29056 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 1.29950 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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