perspective: From this angle, we can see that price is currently retesting a recently broken daily swap level as support at 1.0716. In the event that the buyers can hold out above here, further upside could see prices challenge the daily resistive structure at 1.1051-1.0967. That being said though, the daily trend is also down, so buying at this support could prove challenging.
4hr timeframe perspective: The open 1.0816 saw the Euro sell off yesterday from round-number resistance at 1.0800, consequently taking out not only the mid-level number 1.0750 but also Friday’s low seen at 1.0733 as well.
Intraday support at 1.0723 is presently holding the market higher. However, once Europe opens for business, we believe this level will be consumed and the 1.0700 handle seen just below will likely see some action. This psychological number is a key level for us today. In the event that supportive pressure is seen here, we’ll be looking for confirmed longs up to at least 1.0750, and potentially 1.0800 given enough time. The reason we NEED to see confirmation is simply because the overall trend on the higher-timeframe picture is against us (see above).
A significant break below 1.0700 on the other hand would, in effect, be our cue to begin watching for prices to retest this number as resistance. Granted, by selling here we would at that point effectively be selling here with the trend, but you’d also be selling into higher-timeframe demand (see above), so trade carefully today guys!
Current buy/sell orders:
. Buy orders: 1.0700 (Predicative stop-loss orders seen at: dependent on where one confirms this level).
. Sell orders: Flat (Predicative stop-loss orders seen at: N/A).