ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
123 0 0
4hr TF.

The higher-timeframe picture resembles the following:

• Weekly timeframe: Price is currently trading within weekly demand at 1.32940-1.34847, and at the time of writing, the sellers seem to be overcoming any buying pressure in the market, could we see a break below this weekly demand area sometime soon?
• Daily timeframe: Selling action has been seen out of the daily decision-point area at 1.34433-1.34202, with price now seen trading around a daily level of interest at 1.33559.

Keeping in mind we are now trading around a neat-looking daily level of interest at 1.33559, and for the time being the buyers seem to be mildly active around this area. If price is intent on trading north from here, the first area we would like to see fully consumed of sellers is the 1.33774/1.34 areas, possibly the 4hr decision-point area above at 1.34234-1.34084.

On the other hand, below, far to the left of current price action is very interesting. Demand seems to be consumed all the way down to the round number 1.33, take note of the tails sent south while price was rallying north, this likely indicates pro money buyers sent price down to collect unfilled buy orders as they were rallying higher, hence the likelihood of demand consumption there (take a look, it is a thing of beauty!). With the above in mind a drop lower could be something pro money is looking at. So, if price is going south, pro money will no doubt require buy orders to sell into (liquidity), meaning a push up to the 4hr decision-point area at 1.34234-1.34084 may be seen beforehand.

Pending/P.A confirmation orders:

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

• Pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
• New pending sell orders (Green line) are seen just below a 4hr decision-point area (1.34234-1.34804) at 1.34053. If price is intent on trading south, this will be the likely area of supply pro money sellers will use to collect the much-needed liquidity for a drop south.
• The pending sell order (Green line) set just below a decision-point area (1.34428-1.34305) at 1.34266 has now been closed in full profit as our third and final take-profit level was hit at 1.33559.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• 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 orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.34753 (SL: 1.35031 TP: Dependent on price approach) 1.34053 (SL: 1.34275 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.

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