ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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Weekly Timeframe: The weekly timeframe shows that price has breached a major weekly demand area seen at 1.1875-1.2095. Assuming that the majority of buyers are now consumed here, this would likely force the market south towards a weekly Quasimodo support level coming in at 1.1758.

Daily Timeframe: Yesterday’s action also saw price break below a daily demand area at 1.1875-1.1971, which should not come as much of a surprise considering it’s located deep within the aforementioned weekly demand area. This Move could potentially open the gates for prices to challenge a partially consumed daily demand area lurking just below at 1.1776-1.1838.

4hr Timeframe: The 4hr timeframe shows that the Euro opened (1.1954) 44 pips lower that Friday’s close (1.1998) which subsequently saw further selling down to 1.1900 , where at which point active buyers were seen entering the market.

In the event that the buyers can hold prices above this level, further buying will likely be seen up to 1.2000 (a figure watched by many),which as a result will effectively fill the weekend gap, and potentially see the buyers and sellers vigorously battle for position around this huge number .

On top of that, we mustn't forget that price is still trading within higher-timeframe demand (see above) at the moment, so naturally long positions are currently favored. Providing that lower-timeframe buying confirmation is seen around 1.1900, we would be relatively comfortable entering long here, and attempting to target 1.1994, just below 1.2000, and potentially the 4hr decision-point supply area seen just above at 1.2068-1.2045 given enough time.

Current buy/sell levels:

• Buy orders: Currently watching for lower-timeframe confirmation around 1.1900 (Predicative stop-loss orders seen at: Dependent on where one confirms the level).

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

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