ICmarkets
Short

Interesting P.A being seen on the Eur

FX:EURUSD   Euro / U.S. Dollar
383 2 5
The bullish pulse continues to beat in the EUR/USD             market as price stamped in yet another 100+ pip gain yesterday. Early on in European trade, market action bounced nicely from a small H4 demand at 1.1065-1.1080 (an area we warned may be troublesome for shorts) and advanced             up to psychological resistance 1.1200 where price is currently stalling.

The way we are seeing things right now is the weekly is presently trading within shouting distance of supply drawn from 1.1533-1.1278. Meanwhile, down on the daily timeframe , a very clear Harmonic AB=CD bear pattern is forming. Our sell zone here is fixed between the 127.2% Fibonacci level at 1.1197 and the 161.8% at 1.1387. Clearly this is a huge sell zone, and not one that we’d be comfortable trading due to the large stop-loss required.

On that account, today’s spotlight will firmly be focused on the daily supply zone painted above at 1.1385-1.1332 (the upper area of our Harmonic sell zone which also sits within the above said weekly supply) for sells. On the H4 there is also a corresponding resistance level coming in at 1.1349 within this daily supply, but for the best part our focus will be on the daily chart today. That being the case, we are placing a pending sell order at 1.1330 and a stop just above our daily zone at 1.1395. As of now, the first take-profit level can be seen on the daily timeframe at 1.1122 – a recently broken resistance-turned support.
VERY nice analysis,I am not trading now, will trade only after nonfarm payroll report but Eur/usd would retrace soon to 1.1100 -1.1122 levels.regards
Reply
Thank Sri
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out