EUR/USD: Technical outlook and review.

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

The higher-timeframe picture resembles the following:

• Weekly TF: After a solid close below weekly demand at 1.32940-1.34847, buyers and sellers are now seen battling it out within the weekly demand area below at 1.31037-1.32262.

• Daily TF: Price is now trading just above a fantastic-looking daily demand area at 1.31037-1.31755. We are prepared for lower prices deeper into this daily demand area, but ultimately we do expect higher prices to be seen in the end.

The weekend gap saw the market open quite a bit lower than last week’s close (1.32383) at 1.31920. The gap down saw price ignore the round number 1.32 and trade directly into 4hr demand at 1.35599-1.31879.

We would have liked to have seen a nice fake/spike below the round number into the aforementioned 4hr demand area, as this would have likely indicated pro money were taking out the stops below the round number, thus giving pro money the much-needed liquidity for a push higher. As we can see, this did not happen.

What we’re going to be looking for now (considering price is trading not only above a beautiful-looking daily demand area, but also trading within a weekly demand area as well – levels above), is for price to close above the round number 1.32, and then retrace back to the aforementioned 4hr demand area, this is when we’ll be considering longs. However, if pro money want to get the very best prices, and they usually do, a push down to the next 4hr demand area below at 1.31037-1.31278 (very deep within the aforementioned higher-timeframe demand areas) may very well be seen.

Pending orders/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy levels (Red line) are seen in the current market environment.

• The pending sell order (Green line) set just below the round number 1.33 at 1.32883 has now been removed since the trade hit its first target (4hr demand at 1.31559-1.31879) invalidating the trade.
• P.A confirmation sell levels (Red line) are seen just below the 4hr D/S flip area (1.33360-1.33619) at 1.33322. The reasoning behind setting a P.A confirmation sell level here and not a pending sell order is because we have no logical area for a stop-loss order meaning price could push straight through this area.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 1.33322 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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