In recent trading, we have seen the EUR/USD bulls go on the offensive. This brought the H4 candles back up to the 1.13/1.1279 H4 area, which, from our perspective, has potential to bounce price again. As mentioned in previous reports, we like this zone because it has formed within both weekly and daily supplies (1.1533-1.1278/1.1327-1.1253). Also of interest is the H4 approach to this area. Notice that there’s an AB=CD bearish pattern completion at 1.1283.
Our suggestions: Unfortunately our team missed the sell from 1.13/1.1279 on Monday. Nevertheless, given the H4 approach and the clear higher-timeframe supplies now in play, our team has taken a short from 1.1282, and positioned a stop-loss order a few pips above 1.13.
Our initial target is the H4 mid-level support at 1.1250, followed by the 1.12 handle, and then possibly daily support coming in at 1.1142.
Data points to consider: No high-impacting news on the docket today.
Comments
Ika...Ika
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Zer Good ! )))
uakpan
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Sorry, you missed the entry on this one
ICmarkets
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@uakpan, No need for the apology buddy. How did you work out we missed it when we shorted at .1282.
uakpan
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@ICmarkets, My bad i was looking at it view my MT4 and it was a few pips away