Our take on the Euro at the moment...

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that the EUR/USD is currently trading above last week’s close (1.1276). Assuming that the buyers continue to hold price above this level, there is a good chance that the market will hit a weekly supply area looming just above at 1.1678-1.1458.

Daily Timeframe: The daily timeframe on the other hand shows that for further buying to be seen, the buyers will have to take out any selling opposition seen around a daily swap level at 1.1378. A break above here would likely attract further buying towards a daily decision-point supply area seen at 1.1678-1.1540 (located deep within the aforementioned weekly supply area).

4hr Timeframe: The Euro began the week positively with price gapping north at the open (1.1309), this move forced the market to attack a small, yet clearly respected 4hr decision-point supply area at 1.1381-1.1349 (surrounds the daily swap level mentioned above at 1.1378). A break above this area will see price trade directly into oncoming psychological resistance at 1.1400, which as you can see boasts trendline confluence formed from the high 1.1845 on 14/01/15. So, considering where price is located on the daily timeframe and on the 4hr timeframe at the moment, entering long on the basis of price trading from the aforementioned weekly Quasimodo support level (see above) does not interest us for the time being. Therefore, we are going to remain on the side lines, sometimes opting to remain flat is the best position to hold, and we believe this to be the case here.

Current buy/sell levels:

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

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

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