Follow-up on the Euro....
Mid-way through yesterday’s London morning trade, we can see that offers came into the EUR/USD market around the 4hr supply area coming in at 1.0986-1.0968. This consequently drove price down towards a 4hr swap (support) level at 1.0924, which, as you can see, was clearly enough to support a counter-attack of over 100 pips, resulting in both the aforementioned 4hr supply zone and the psychological resistance 1.1000 being consumed.
With both the 4hr supply and round-number resistance now out of the picture and the higher timeframes still showing little resistance on the horizon at least until the daily swap (resistance) level at 1.1148, the path north is likely clear for further buying today/tomorrow up to at least the 4hr Quasimodo resistance barrier 1.1082. However, buying this pair will only become a possibility for us once/if price retests either 1.1000 or 1.0986-1.0968 (red arrows), and shows some form of lower timeframe buying confirmation.
In addition to the above, traders should go in with the expectation here that a fakeout below 1.1000 will likely be seen (hopefully right into our second area of interest), since stop losses below this number (sell stops – great for buying liquidity) are just begging to be snapped up, so trade carefully here.
Levels to watch/live orders:
• Buys: 1.1000 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) 1.0986-1.0968 Tentative – confirmation required (Stop loss: 1.0965).
• Sells: Flat (Stop loss: N/A).
With both the 4hr supply and round-number resistance now out of the picture and the higher timeframes still showing little resistance on the horizon at least until the daily swap (resistance) level at 1.1148, the path north is likely clear for further buying today/tomorrow up to at least the 4hr Quasimodo resistance barrier 1.1082. However, buying this pair will only become a possibility for us once/if price retests either 1.1000 or 1.0986-1.0968 (red arrows), and shows some form of lower timeframe buying confirmation.
In addition to the above, traders should go in with the expectation here that a fakeout below 1.1000 will likely be seen (hopefully right into our second area of interest), since stop losses below this number (sell stops – great for buying liquidity) are just begging to be snapped up, so trade carefully here.
Levels to watch/live orders:
• Buys: 1.1000 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) 1.0986-1.0968 Tentative – confirmation required (Stop loss: 1.0965).
• Sells: Flat (Stop loss: N/A).
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