We're looking to go long from 1.0819/1.0800...

FX:EURUSD   Euro / U.S. Dollar
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During the course of yesterday’s sessions, the EUR once again fell sharply against the U.S. dollar following a string of supportive U.S. data and comments from the FED chair Yellen. This, as you can see, took out both psychological support 1.0900 and Quasimodo support at 1.0868, before stabilizing around mid-level support drawn from 1.0850.

Despite the EUR’s present weakness, technically this pair is effectively in an oversold position. Here’s why:

• Weekly action shows price edging ever so close to range demand falling in at 1.0519-1.0798.

• Down on the daily timeframe , we can see that market action is already positioned deep within demand at 1.0846-1.0903. However, judging by how deep price has drove into this area and the fact that the weekly shows room to continue lower, we’re now watching the Quasimodo support below it at 1.0818.

• Similar to the daily timeframe , although 4hr price is currently showing support from 1.0850, we doubt this will hold. Sellers will likely continue to pummel this market lower down to a Quasimodo support seen on this timeframe coming in at 1.0819 – a pip’s difference to that of the daily chart!

Therefore, between the 4hr Quasimodo support at 1.0819, and the psychological support 1.0800 is where we intend to hunt for longs today.

Levels to watch/live orders:

• Buys: 1.0819/1.0800 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).

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