Weekly Timeframe: The weekly timeframe shows that a small reaction is currently being seen off of a combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866. In the event that further buying ensues from here, price could potentially hit the weekly support flip level coming in at 1.27541.
Daily Timeframe: Thanks to the daily timeframe, we know that for the time being going long may not be the best path to take, as price is currently ranging between a small daily supply area at 1.25763-1.24794, and a long-term daily demand area seen at 1.22877-1.23809. In the event that price does breakout north here, this would likely indicate higher prices are going to be seen, and also confirm buying strength from the aforementioned weekly demand/Quasimodo support area.
4hr Timeframe: The 4hr timeframe shows that not a lot has changed since we last analyzed this pair, as price continues to trade between1.24/1.25.
However, in our view the Euro may be setting up for a higher move against the U.S Dollar. What we are currently seeing is price potentially gathering buy orders. The market reacted beautifully off 1.24249 – the lower of the two green levels, and rallied higher. Assuming a decline in value is seen from current price (1.24788), and the buyers can hold out above 1.24461 – the higher of the two green levels, we then feel there is a good chance 1.25 could be breached. This would likely result in further buying being seen up to 1.25380, where at which point some selling opposition is expected to be seen around 1.25347. Going short there would in our opinion be very risky, as larger buyers could be entering the market from the aforementioned weekly demand/Quasimodo support area.
Assuming the above does indeed occur, we would be interested in buying the Euro, if price were to successfully retest 1.25 as support targeting at least 1.25699, a 4hr support flip level.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1.25347 (Predicative stop-loss orders seen at: 1.25837).
Daily Timeframe: Thanks to the daily timeframe, we know that for the time being going long may not be the best path to take, as price is currently ranging between a small daily supply area at 1.25763-1.24794, and a long-term daily demand area seen at 1.22877-1.23809. In the event that price does breakout north here, this would likely indicate higher prices are going to be seen, and also confirm buying strength from the aforementioned weekly demand/Quasimodo support area.
4hr Timeframe: The 4hr timeframe shows that not a lot has changed since we last analyzed this pair, as price continues to trade between1.24/1.25.
However, in our view the Euro may be setting up for a higher move against the U.S Dollar. What we are currently seeing is price potentially gathering buy orders. The market reacted beautifully off 1.24249 – the lower of the two green levels, and rallied higher. Assuming a decline in value is seen from current price (1.24788), and the buyers can hold out above 1.24461 – the higher of the two green levels, we then feel there is a good chance 1.25 could be breached. This would likely result in further buying being seen up to 1.25380, where at which point some selling opposition is expected to be seen around 1.25347. Going short there would in our opinion be very risky, as larger buyers could be entering the market from the aforementioned weekly demand/Quasimodo support area.
Assuming the above does indeed occur, we would be interested in buying the Euro, if price were to successfully retest 1.25 as support targeting at least 1.25699, a 4hr support flip level.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1.25347 (Predicative stop-loss orders seen at: 1.25837).
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.