ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
140 0 1
Weekly Timeframe: At the time of writing, price is once again seen trading around a key weekly support flip level coming in at 1.27541. The selling opposition seems to be too strong for the buyers to overcome here. Assuming further selling interest is seen, price may then be forced to test the combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866.

Daily Timeframe: The daily timeframe shows price is currently trapped trading between a daily demand area at 1.24642-1.25616 and a small daily supply area at 1.29001-1.28453. That being said though, with the current selling pressure being seen on the weekly timeframe at the moment, it is more likely we will see a break of the daily demand area, before we do the daily supply area.

4hr Timeframe: Isn’t it amazing how beautiful price action is on this timeframe! The small 4hr decision-point area seen at 1.27894-1.27731 was where the ‘decision’ was likely made to break below the weekly support flip level mentioned above at 1.27541 – just look how it has held price down so far!

Considering that the weekly timeframe is currently showing that price could drop as far as the weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866, we have to prepare ourselves for more selling to be seen. Tentative sell orders are seen below the 1.27 level at 1.26954, as traders may attempt to play the retest of this level before the selling continues. However, we will be watching price action closely around the 4hr Quasimodo support level at 1.25699 (tentative buy orders seen just above at 1.25722), since this level sits just above the daily demand area mentioned above at 1.24642-1.25616, which means we could see a nice bounce here at the very least.

Buy/sell levels:

• Buy orders: 1.25722 (Predicative stop-loss orders seen at: 1.25586).

• Sell orders: 1.26954 (Predicative stop-loss orders seen at: 1.27339).
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