ICmarkets

Current outlook on the Euro...

FX:EURUSD   Euro Fx/U.S. Dollar
237 0 0
Weekly Timeframe: The weekly timeframe shows that the buyers and sellers continue to trade between a weekly supply area coming in at 1.1678-1.1458, and a weekly Quasimodo support level seen at 1.1109. Nevertheless, at this point in time, buying and selling is taking part closer to the aforementioned weekly supply barrier.

Daily Timeframe: After a lackluster performance over the past three days, buying interest was seen coming into the market from within a small daily demand area at 1.1260-1.1318. This move was very likely fuelled by the negative U.S unemployment data released yesterday.

4hr Timeframe: The 4hr timeframe shows price has broke out of its 74-pip range (1.1343-1.1269), which consequently attracted further buying up to the 1. 1400             handle. No major Eurozone data is due for release today, so technicals will likely control most of the trading activity in upcoming sessions…

A break above the 1. 1400             number could well see a rapid retest forcing the market towards a small 4hr supply area coming in at 1.1497-1.1462. Buying the potential retest is valid strategy as long as one remains aware that they are buying very close to the weekly supply area (see above in bold). In fact, the 4hr supply area is located just within the weekly supply area!

Conversely, In the event that sellers are able hold the market below 1. 1400             today, this would likely push price back down to retest the upper limit of the recently broken 4hr range (see above). Selling at market around 1. 1400             would be considered a risky trade in our book. So, with that, we intend to wait for price action on the lower timeframes to confirm that selling strength is present before considering a short trade here.

Current buy/sell orders:

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

• Sell orders: currently watching 1. 1400             for selling confirmation on the lower timeframes (Predicative stop-loss orders seen at: dependent on where one confirms this level).

Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out