Our take on the current EUR/USD movements...

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: The trading picture on the weekly timeframe remains relatively unchanged. Buying interest is still being seen off of the weekly Quasimodo support level at 1.1109, while to the upside, potential resistance sits around a nice-looking weekly supply area seen at 1.1678-1.1458.

Daily Timeframe: The daily timeframe on the other hand shows that the market is presently trading below a daily swap level (resistance) coming in at 1.1378. This level remains a key obstacle to a move towards a daily decision-point supply area at 1.1678-1.1540, which is coincidentally located deep within the aforementioned weekly supply area.

4hr Timeframe: Recent developments on the 4hr timeframe show that the EUR/USD appears to be capped between a minor 4hr decision-point supply area seen at 1.1381-1.1349 (surrounds the aforementioned daily swap level) and a 4hr decision-point demand area coming in at 1.1222-1.1253. From a technical standpoint, this is how we see the Euro at present – the weekly chart shows potential north, while the daily chart is suggesting buying may not be such a good idea at the moment (see above).

Our team has come to a general consensus that entering long from the aforementioned 4hr decision-point demand area does not offer enough risk/reward for us to consider trading. A far more conservative approach for longs would be to wait for prices to close above a minor 4hr swap level seen at 1.1458, since this will not only clear the sellers from the aforementioned daily swap level resistance barrier, but also free the path north up to a combined 4hr supply/Quasimodo resistance area at 1.1678-1.1589/1.1637. With regards to selling, this is something we have absolutely no interest in doing until price breaks below the aforementioned weekly Quasimodo support level .

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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