ICmarkets
Long

EUR/USD: Technical outlook and review...

FX:EURUSD   Euro / US-Dollar
400 0 7
During the course of yesterday’s sessions, we saw the Euro             punch through bids sitting within 4hr demand at 1.0868-1.0902 and find support at the mid-level hurdle 1.0850. Following a few hesitant stabs at this number, strong bids came into the market from here mid-way through London, consequently hitting and extending past 1.0900 into a 4hr ignored Quasimodo level coming in at 1.0924.

Given the above, the bigger picture shows price faked below a minor daily demand area seen at 1.0868-1.0926, and came very close to crossing swords with the weekly ascending trendline extended from the low 1.0461. With this in mind, our attention will be mostly driven towards longs today.

In the event that price can close above both 1.0900 and 1.0924 (effectively removing any willing offers from these zones), we may look to buy on any respectable retracement seen back towards 1.0900 (lower timeframe confirmation required). Should this trade opportunity come to fruition, we’d likely look to target the 4hr supply area at 1.0986-1.0968 (as per the blue arrows) first and foremost, since there is clear space seen in between here for prices to rally.

Levels to watch/live orders:

• Buys: Watch for 1.0900/1.0924 to be consumed and then look to enter on any retracement seen back towards 1.0900.
• Sells: Flat (Stop loss: N/A).
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