Euro currently range bound...

FX:EURUSD   Euro / U.S. Dollar
282 0
Weekly timeframe perspective: Last week saw the Euro form a bullish engulfing candle a few pips from above the long-term weekly swap (support) level coming in at 1.0411. In the event that this attracts further buyers into the market (which at the moment it looks as though it is), price will very likely be drawn to the weekly swap (resistance) level seen at 1.1109.

Daily timeframe perspective: The daily timeframe shows that last week’s high 1.1036 has still yet to see a break. Nevertheless, yesterday’s candle, as we’re sure you can already see, was far more ‘positive looking’ than the prior day’s candle, even though it failed to make a higher high. In order for price to reach the aforementioned weekly swap resistance level , a CLEAN break above 1.1036 is required.

4hr timeframe perspective: From this angle, the Euro is presently witnessing consolidative action between the 4hr supply area coming in at 1.1050-1.1011 (we’re going to treat this 4hr supply and the round number 1.1000 as one area here) and the 1.0900 level. Taking all of the above into consideration, here is how we see our favorite pair at the moment. Traders could, if they so wished, buy and sell within the current 4hr range (tentative buys are seen at 1.0905, and sells at 1.1000), as we see there’s around 80 pips to be had trading limit-to limit if one waits for lower timeframe confirmation (highly recommended by the way), obviously more if not.

Assuming a breakout north is seen, buying, even with a retest, is something our team has no interest in whatsoever. The reason for why is simply because there’s a major weekly swap level looming just above in red at 1.1109. Therefore, should a break north be seen, our attention will be firmly fixed on looking for shorts around this weekly level.

A breakout south on the other hand, may provide an opportunity to short any retest down to the 4hr demand at 1.0766-1.0826, which is an area we believe a bounce will likely be seen from since it’s located around a daily swap level seen at 1.0825.

Current buy/sell orders:

• Buy orders: 1.0905 (Predicative stop-loss orders seen at: dependent on where one confirms this level).

• Sell orders: 1.1000 (Predicative stop-loss orders seen at: dependent on where one confirms this level).
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