ICmarkets

EUR/USD: Technical outlook and review...

FX:EURUSD   Euro/U.S. Dollar
202 0 7
As was anticipated (http://blog.icmarkets.com/wednesday-2nd-march-daily-technical-outlook-and-review/), the single currency appears to have found a strong foothold off the top-side of a H4 Quasimodo support area seen at 1.0809-1.0826. We missed this move altogether as price hastily rotated from this zone – well done to any of our readers who managed to jump in on this one!

Evident from the H4 chart we can see that price closed the day out at 1.0867, just ahead of the high 1.0876 (blue arrow) which is rather significant, since this is the only remaining supply seen before the 1.0903-1.0928 area. Supporting a push higher today can be seen on the daily chart – a second consecutive bullish tail printed within the confines of demand at 1.0809-1.0886. Nevertheless, in the event that the bears make an appearance around the 1.0876 region today, longs could be in a little trouble as weekly bears have yet to connect with support at 1.0796, which sits BELOW the H4 buy zone, and around where your stop is likely placed! Therefore, the 1.0876 number is KEY for trade management today!

With regards to new trading boundaries, we have our eye on the H4 resistance area above at 1.0937-1.0984, due to it surrounding both weekly resistance 1.0983 and daily resistance at 1.0955. Buying this market on the other hand, will be permitted once/if price collides with the weekly support mentioned above at 1.0796 – in effect a fakeout below the current H4 Quasimodo barrier!
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