EUR/USD Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that buying interest is being seen off of a minor weekly demand area coming in at 1.24996-1.26262. However, going long here is not something we’d consider since there is a huge weekly support flip level looming just above at 1.27541.

Daily Timeframe: At the time of writing, price seems to be standing strong on a minor daily support level seen at 1.26213. Anyone who has taken a long trade around this level may want to prepare for some selling interesting being seen in the market soon, as price is getting nearer to a daily resistance flip level coming in at 1.27500 (located just below the weekly support flip level mentioned above at 1.27541).

4hr Timeframe: As already mentioned in the previous analysis, the 4hr demand area at 1.26236-1.26469 has likely already been consumed (blue arrow – 1.26125). Below this area - other than the 1.26 level, most of the demand to the left has also likely been consumed as well (check out the demand consumption tails around the green trend line ), which leaves the path clear down to around a 4hr Quasimodo support level seen at 1.25699 (active buy orders are seen just above at 1.25744).

The market opened at 1.26757, and ever since then price appears to be continuing to consume demand as price rallies higher (pink trendline ) much the same as what we’re seeing around the green trendline . That being said though, the market appears to be having some trouble breaking through a 4hr decision-point supply area at 1.27387-1.27109. If further selling is indeed seen here, a relatively big decline in value may ensue down to at least the 1.26 level.

However, taking into account what we found on the daily timeframe , we must expect price to fakeout above the aforementioned 4hr decision-point supply area into the 1.27500 daily level before any type of sell off is seen. Furthermore, we mustn't forget that price is currently trading around a minor weekly demand area (1.24996-1.26262) and off of a small daily support level (1.26213) at the moment. So, with this in mind, assuming one does consider selling this market, he/she will need to monitor the trade carefully, as buying could come into the market at any time.

Buy/sell levels:

• Buy orders: 1.25744 (Predicative stop-loss orders seen at: 1.25593).

• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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