ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
213 0 0
Weekly Timeframe: This week has been primarily bullish so far; however we are currently seeing active sellers come into the market around the 1.27541 level at the moment. This is not surprising really considering this is a prominent ignored weekly support level .

Daily Timeframe: The selling seen on the weekly timeframe has brought price down to a daily resistance swap level at 1.26837. If price successfully retests this level as support, this would likely encourage further buying up to a daily supply area coming in at 1.29001-1.28453 (located just within a weekly decision-point supply area at 1.29941-1.28583), and by the same token this would likely indicate weakness from the weekly support flip level seen at 1.27541.

4hr Timeframe: The EUR/USD             pair played out just as expected. A fakeout above a 4hr supply area (1.27636-1.27268) into a small 4hr decision-point supply area at 1.27894-1.27731 was seen. From there we saw price smash through the 1.27 level, likely stopping out the majority of traders attempting to fade this level in the process. It was only once price reached a 4hr decision point demand area at 1.26509-1.26766 that buying interest was seen coming into the market.

For any traders who bought just above here may be in a little trouble at the moment. The 1.27 level seems to be repelling the market; this should be expected since there are likely some unfilled sell orders left over from the break south seen a little while ago.

Assuming a close above the 1.27 level is seen, and price successfully retests this level as support, we feel the market could rally today up until at least the small 4hr decision-point supply area mentioned above. The reason for needing to see a close above this level is simply because price is trading around a weekly support flip level (1.27541) at the moment, so strong selling could in our opinion enter the market at any time!

Buy/sell levels:

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

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