EUR/USD Technical outlook and review.
Weekly Timeframe: The weekly timeframe shows that the Euro is being sold against the U.S Dollar. As a consequence this is forcing prices deeper into a combined weekly demand/Quasimodo support area coming in at 1.22403-1.24420/1.22866.
Daily Timeframe: Daily demand coming in at 1.22462-1.25616 has been well and truly consumed, which as a result attracted further selling down to another fresh daily demand area seen at 1.22877-1.23809 (located within the aforementioned weekly demand/Quasimodo support area). Since both the higher timeframes are showing prices trading around demand at the moment, and the mighty NFP is due later today, let’s take a look at the 4hr timeframe to see if there are any logical entries to buy this market.
4hr Timeframe: Yesterday’s price action shows that the market broke above 1.25, and just missed the ignored Quasimodo resistance level at 1.25380 before dropping like a rock. This momentum south broke through not only the aforementioned round number, but also the 1.24408 level, and just recently the round number 1.24.
We feel that there is a good chance a further decline will be seen on the Euro today down towards a combined 4hr demand/round-number area at 1.22942-1.23491/1.23, where a bullish reaction is expected to be seen deep within around 1.23069, since we mustn’t forget that price is currently trading deep within major demand on the higher timeframes (see above) at the moment. However, if anyone is considering going long around this area, please do bear in mind that high volatility is expected today, and stop-loss orders should be used. Targets for this long trade are seen around 1.23954/1.24344. Good luck today.
Buy/sell levels:
• Buy orders: 1.23069 (Predicative stop-loss orders seen at: 1.22466).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: Daily demand coming in at 1.22462-1.25616 has been well and truly consumed, which as a result attracted further selling down to another fresh daily demand area seen at 1.22877-1.23809 (located within the aforementioned weekly demand/Quasimodo support area). Since both the higher timeframes are showing prices trading around demand at the moment, and the mighty NFP is due later today, let’s take a look at the 4hr timeframe to see if there are any logical entries to buy this market.
4hr Timeframe: Yesterday’s price action shows that the market broke above 1.25, and just missed the ignored Quasimodo resistance level at 1.25380 before dropping like a rock. This momentum south broke through not only the aforementioned round number, but also the 1.24408 level, and just recently the round number 1.24.
We feel that there is a good chance a further decline will be seen on the Euro today down towards a combined 4hr demand/round-number area at 1.22942-1.23491/1.23, where a bullish reaction is expected to be seen deep within around 1.23069, since we mustn’t forget that price is currently trading deep within major demand on the higher timeframes (see above) at the moment. However, if anyone is considering going long around this area, please do bear in mind that high volatility is expected today, and stop-loss orders should be used. Targets for this long trade are seen around 1.23954/1.24344. Good luck today.
Buy/sell levels:
• Buy orders: 1.23069 (Predicative stop-loss orders seen at: 1.22466).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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