Euro technical update...
Weekly view: The weekly timeframe still shows that the Euro is trending south, and has been for nearly a year now. Despite this, the weekly demand area seen at 1.0333-1.0502 has been able to support this market since mid-March. The outlook for this pair is still south in our opinion and will only change once/if a convincing push above weekly supply at 1.1449-1.1278 is seen.
Daily view: From this angle, we can see that yesterday’s action hit, and slightly rebounded from a daily resistance zone at 1.1051-1.0918. If further selling is seen from this point, there’s a good chance that the Euro could see a decline in value down to at least daily demand coming in at 1.0658-1.0722.
4hr view: The 4hr timeframe shows that the EUR/USD pair opened at 1.0859 and then shortly after sold off down to 4hr demand positioned at 1.0783-1.0826. It was at this point Europe opened for business, and they clearly wanted to take advantage of the available liquidity from the Asian session, so the Euro currency was bought, consequently faking above 1.0900 and hitting the 4hr supply area coming in at 1.0953-1.0922.
For those who read our last report on the Euro, you may recall us mentioning that we were keen to short this area of 4hr supply (for reasons, see chart). As you can see, a reaction has been seen and price has, at the time of writing, now closed below potential round-number support 1.0900 (a good sign prices will likely continue south). As of yet though, our team has yet to confirm this zone on the lower timeframes, well done to anyone who already has a position here! With all of the above taken into consideration, our main focus for today will be watching the 5/15 minute timeframes to see if price can confirm further selling will take place from here. In the event that an entry south is spotted, we’ll ultimately be looking around the 4hr demand area below at 1.0783-1.0826 to take partial profits.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1.0953-1.0922 [Tentative – confirmation required] (Predicative stop-loss orders seen at: depends on where one confirms this area).
Daily view: From this angle, we can see that yesterday’s action hit, and slightly rebounded from a daily resistance zone at 1.1051-1.0918. If further selling is seen from this point, there’s a good chance that the Euro could see a decline in value down to at least daily demand coming in at 1.0658-1.0722.
4hr view: The 4hr timeframe shows that the EUR/USD pair opened at 1.0859 and then shortly after sold off down to 4hr demand positioned at 1.0783-1.0826. It was at this point Europe opened for business, and they clearly wanted to take advantage of the available liquidity from the Asian session, so the Euro currency was bought, consequently faking above 1.0900 and hitting the 4hr supply area coming in at 1.0953-1.0922.
For those who read our last report on the Euro, you may recall us mentioning that we were keen to short this area of 4hr supply (for reasons, see chart). As you can see, a reaction has been seen and price has, at the time of writing, now closed below potential round-number support 1.0900 (a good sign prices will likely continue south). As of yet though, our team has yet to confirm this zone on the lower timeframes, well done to anyone who already has a position here! With all of the above taken into consideration, our main focus for today will be watching the 5/15 minute timeframes to see if price can confirm further selling will take place from here. In the event that an entry south is spotted, we’ll ultimately be looking around the 4hr demand area below at 1.0783-1.0826 to take partial profits.
Current buy/sell orders:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1.0953-1.0922 [Tentative – confirmation required] (Predicative stop-loss orders seen at: depends on where one confirms this area).
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