Weekly gain/loss: - 200 pips
Weekly closing price: 1.3508
After a couple of weeks of hesitation between the 2016 yearly opening level at 1.3814 and weekly support at 1.3588, the bears managed to find their feet and push the unit lower last week. Shaped in the form of a full-bodied bearish candle, the pair is now within striking distance of the 2017 yearly opening level drawn from 1.3434.
Looking down to the daily candles, we can see that price held firm around the support area at 1.3598-1.3559 for the best part of last week. That was, of course, until Friday when the bears pressed lower and closed the week ahead of support at 1.3450.
Over on the H4 candles, the week ended with price closing within the walls of a demand base coming in at 1.3497-1.3521. At first glance, this zone does look somewhat attractive given that it unites with the 1.35 handle. In spite of this, however, looking a little lower down on the curve we see a far more appealing buy zone formed between 1.3434/1.3457. Comprised of a H4 Quasimodo support at 1.3457, a H4 61.8% Fib support at 1.3441 taken from the low 1.3223 (green line), a H4 mid-level support at 1.3450 which also happens to represent daily support and the 2017 yearly opening level seen on the weekly chart at 1.3434.
Our suggestions: Given the confluence surrounding 1.3434/1.3457, our team will look to place a pending buy order around the top edge of this zone when the market opens for business. Our stop will be conservatively set just beyond the 24th April low at 1.3410 around 1.3408. Ultimately, the first take-profit zone is going to be somewhere nearby the 1.35 neighborhood.
Data points to consider: FOMC member Harker speaks at 3pm GMT+1.
Levels to watch/live orders:
• Buys: 1.3457 (pending order, stop loss: 1.3408).
• Sells: Flat (stop loss: N/A).
Weekly closing price: 1.3508
After a couple of weeks of hesitation between the 2016 yearly opening level at 1.3814 and weekly support at 1.3588, the bears managed to find their feet and push the unit lower last week. Shaped in the form of a full-bodied bearish candle, the pair is now within striking distance of the 2017 yearly opening level drawn from 1.3434.
Looking down to the daily candles, we can see that price held firm around the support area at 1.3598-1.3559 for the best part of last week. That was, of course, until Friday when the bears pressed lower and closed the week ahead of support at 1.3450.
Over on the H4 candles, the week ended with price closing within the walls of a demand base coming in at 1.3497-1.3521. At first glance, this zone does look somewhat attractive given that it unites with the 1.35 handle. In spite of this, however, looking a little lower down on the curve we see a far more appealing buy zone formed between 1.3434/1.3457. Comprised of a H4 Quasimodo support at 1.3457, a H4 61.8% Fib support at 1.3441 taken from the low 1.3223 (green line), a H4 mid-level support at 1.3450 which also happens to represent daily support and the 2017 yearly opening level seen on the weekly chart at 1.3434.
Our suggestions: Given the confluence surrounding 1.3434/1.3457, our team will look to place a pending buy order around the top edge of this zone when the market opens for business. Our stop will be conservatively set just beyond the 24th April low at 1.3410 around 1.3408. Ultimately, the first take-profit zone is going to be somewhere nearby the 1.35 neighborhood.
Data points to consider: FOMC member Harker speaks at 3pm GMT+1.
Levels to watch/live orders:
• Buys: 1.3457 (pending order, stop loss: 1.3408).
• Sells: Flat (stop loss: N/A).
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