ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
220 0 1
Weekly Timeframe: A break below a major weekly (demand) ‘buy zone’ area at 1.26591-1.28010 has recently been seen. Will this encourage further selling down towards the combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866?

Daily Timeframe: The daily timeframe shows two ‘buying tails’ have formed just above the 1.25618 level. However, at this point in time, it’s very difficult to know whether this buying is legit, since it could just be traders liquidating some of their short positions from the recent downmove. The only way to know for sure would be a follow-through to the upside, preferably closing above the 1.26837 level.

4hr Timeframe: For the time being, the price action on the 4hr timeframe seems to be trading within a small range (1.25947/1.26273).

The Euro             is interesting at the moment in that the weekly timeframe is showing that the downtrend may continue (break below the 1.26591-1.28010 area), but on the flip side, the daily timeframe is showing potential bullish activity just above a daily decision-point level at 1.25618.

With the above in mind, we are still expecting the downtrend to continue, since in our opinion the signal from the weekly timeframe holds more weight than that of the daily timeframe . However, for this downtrend to continue, sell orders will likely be required. For this to be accomplished though, a break above the 4hr range (levels above) would likely need to be seen in our opinion. Active near-term sell orders are currently being seen at 1.26499 (just below a small 4hr decision-point level ), and around the 1.26780 level (just below a fresh 4hr supply area ).

Buy/sell levels:

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

• Sell orders: 1.26449 (Predicative stop-loss orders seen at: 1.26666) 1.26780 (Predicative stop-loss orders seen at: 1.27061).


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