Euro update...

FX:EURUSD   Euro / U.S. Dollar
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Weekly view – From a long-term standpoint, the downtrend on this pair is still very much intact. It’s only once/if we see a close above the current weekly supply area at 1.1532-1.1278 will we be convinced the trend may be shifting direction.

Daily view: The daily timeframe shows that price did indeed continue to rally, which, as you can see, came within a stone’s throw away from connecting with the daily Quasimodo cluster zone at 1.1390/1.1421 (located deep within the aforementioned weekly supply area) before aggressively selling off.

4hr view: From this scale, we can see that the Euro             launched itself north during the early hours of the London session. This consequently destroyed the 4hr supply area at 1.1325-1.1302(converges beautifully with the aforementioned daily Quasimodo cluster zone) , and as a result continued north to tag in a small 4hr supply area at 1.1325-1.1302, before heavily selling off for the rest of the day.

With price now seen shaking hands with the 4hr Quasimodo swap/round-number area at 1.1180/1.1200, a lot of traders are likely thinking ‘buy’, and they could very well be correct. However, we’d much rather wait to see if price connects with the daily swap area seen below at 1.1143 before we consider any type of long trade. The reason for why simply comes from seeing price trading from higher timeframe resistances at the moment (see above) which show room for further selling.

On a side note here guys, please do not forget it is NFP day today and heavy market moves are likely so be mindful of trading around this time!

Levels to watch/live orders:

• Buys: 1.1143 region (Predicative stop-loss orders seen at: dependent on where one confirms this area).
• Sells: Flat (Predicative stop-loss orders seen at: N/A).
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