ICmarkets

EUR/USD Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
144 0 1
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly TF: A break below the weekly demand area at 1.32940-1.34847 recently happened, and at the time of writing price has nearly touched the weekly demand area below at 1.31037-1.32262.

• Daily TF: Price still remains trading between the daily S/R flip level at 1.33559, and the daily demand area below at 1.31037-1.31755. To the left of current price action, we see very little that will likely cause a problem to price from dropping deeper into the weekly demand (levels above) towards the aforementioned daily demand area.

On the 4hr timeframe, the 4hr decision-point level at 1.32758 (now resistance) did indeed encounter a retest, however there appears to be a lack of selling interest around this level since a push up to a minor 4hr supply area at around 1.32890 which could in actual fact be a fakeout of the aforementioned 4hr decision-point level to stop out as many traders as possible for a possible push south. In any case, we should be prepared for a push up to the round number 1.33 today sometime.

When, or indeed if a decline in value in value is seen, there’s very little to the left that will likely cause any problems to the sellers all the way down to the 4hr demand area at 1.31559-1.31879 (located within weekly demand at 1.31037-1.32262, and around the daily demand area at 1.31037-1.31755). The round number 1.32 just above this level will likely see a deep spike through it into the aforementioned 4hr demand area, this will likely give pro money the liquidity they require for a further push up. However, if there is not enough liquidity around this round number level, or the 4hr demand area, a further push down to an even more attractive 4hr demand area at 1.31037-1.31278 (again located within the aforementioned higher-timeframe demand areas).

Pending orders/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• No pending sell orders (Green line) are seen in the current market environment.
• The P.A confirmation sell level (Red line) set just below the 4hr decision-point level (1.32758) at 1.32731 is now active. For this level to be confirmed, the sellers will need to consume some or most of the buyers around the low marked with an arrow at 1.32409, we will then consider setting a pending sell order
• The P.A confirmation sell levels (Red line) are seen just below the round number 1.33 at 1.32973. The reason for not placing a pending sell order here is simply because price could ignore this level and trade on up to the 4hr D/S flip area above at 1.33360-1.33619.
• The P.A confirmation sell levels (Red line) are seen just below the 4hr D/S flip area (1.33360-1.33619) at 1.33322. The reasoning behind setting a P.A confirmation sell level here and not a pending sell order is because we have no logical area for a stop-loss order meaning price could push straight through this area.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 1.32731 (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). 1.32973 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed) 1.33322 (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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