ICmarkets

EUR/USD: Technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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4hr Timeframe: The important 4hr decision-point level at 1.29580 has been consumed by a fraction of a pip, marked with a blue arrow at 1.29617. This could likely be a signal pro money are taking prices higher, well, at least to the next area of interest, which seems to be the huge psychological number 1.3. Do bear in mind this is only our opinion, we know of some traders who would want to see the 1.3 level consumed before looking for longs, it’s all about personal preference! We have set a new pending buy order just within the combined 4hr supply flip/round number area (1.28970-1.28590/1.29) at 1.28936 which was recently filled. Our first-take profit target for this trade is set just below the 1.3 level at 1.29839.

Pending orders/Price action confirmation levels:

• Areas to watch for buy orders: Pending orders: 1.28936 (Stop loss: 1.28437 Take profit level(s): 1.29839 ). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: 1.29950 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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