ICmarkets

EUR/USD Technical outlook and review.

FX:EURUSD   Euro Fx/U.S. Dollar
159 0 4
4hr TF.

The higher-timeframe picture resembles the following:

• The sellers at this point in time seem to have broken the weekly demand area at 1.34760-1.36314, as a result, price has dropped into the next weekly demand area directly below at 1.32940-1.34847 (Stacked demand).

• The daily timeframe shows that the sellers have pushed below the daily demand area at 1.34760-1.35265. and price has now tested the daily demand area below at 1.33984-1.34397.

Current price action on the 4hr timeframe is beautiful! Look at that reaction off of the 4hr demand area at 1.33984-1.34404! This is also a very important area on the daily timeframe with daily demand being seen at 1.33984-1.34397.

As mentioned above, we have just entered into a big weekly demand area at 1.32940-1.34847, so higher prices are naturally going to be expected. The first trouble area (supply) we see for the buyers on the 4hr timeframe is around the 4hr D/S flip area at 1.34760-1.34943, however we expect this level to break due to the aforementioned higher-timeframe location.

Pending/P.A confirmation orders:

• The pending buy order (Green line) seen just above demand (1.33984-1.34404) at 1.34434 is now active, so do keep an eye on our first take-profit level at 1.34760.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.

• Pending sell orders (Green line) are seen just below the 4hr decision-point area (1.35714-1.35609) at 1.35596. The reason a pending sell order was allocated here is because this is where pro money (on this timeframe) possibly made the decision to sell price into (what was) the 4hr demand (1.35018-1.35375) area at the time.
• Pending sell orders (Green line) are seen just below a decision-point area (1.35286-1.35211) at 1.35194, as we believe this area to be good for a bounce at the very least, notice how this was the area pro money sellers likely made the decision to break the round number 1.35000, meaning there may very well be unfilled sell orders still there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.

• Areas to watch for buy orders: P.O: 1.34434 (Active) (SL: 1.33942 TP: 1.34760 ) P.A.C: No P.A confirmation buy orders are seen in the current market environment.

• Areas to watch for sell orders: P.O: 1.35194 (SL: 1.35319 TP: Dependent on price action approach) 1.35596 (SL: 1.35768 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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