ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
186 0 2
Weekly TF: The EUR/USD             sold off sharply last week breaking below the weekly demand area at 1.31037-1.32262. This move potentially cleared the way down to a prominent weekly ‘buy zone’ seen at 1.26591-1.28010.

Daily TF: At the time of writing, trading action remains confined between a nice-looking daily decision-point area at 1.31589-1.31091, and a daily demand area at 1.27541-1.28676 (seen just above the aforementioned weekly buy zone). Before the market can challenge the daily demand area, we have to be prepared for the possibility that price may rally (pro money do this to accumulate liquidity) up to around the aforementioned daily decision-point area before lower prices are seen. When, or indeed if prices reach this far, we will without a doubt be looking for shorting opportunities!

4hr TF: According to the daily timeframe analysis (above), we should be prepared for price to move either north or south. Ever since the market opened at 1.29540, ranging price action has been seen. Buyers and sellers appear to be confined between the round number 1.3, and the combined 4hr S/D flip area at 1.28970-1.28590/Round number 1.29 (located just above a daily demand area at 1.27541-1.28676). Early this week, it is very likely pro money will want to collect any unfilled sell orders left around the round number 1.3 from last week’s push south, we have a P.A confirmation sell level set just below at 1.29950 ready and waiting, we personally need confirmation at round-number levels, since they are regularly prone to deep tests (spikes). If active selling is seen here, we expect a drop down to at least the aforementioned 4hr S/D flip area/round number 1.29 where we have a P.A confirmation buy level set just above at 1.29056.

If a close above the round number 1.3 is seen, we’ll be looking to take advantage of a possible retest up to an obvious 4hr supply area at 1.31589-1.31326 (which is located deep within the daily decision-point area at 1.31589-1.31091).

Pending orders/P.A confirmation levels:

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 1.29056 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 1.29950 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).


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