Our take on the EUR this morning...
In recent trading, the single currency gravitated north and found resistance around the daily Quasimodo formation pegged at 1.1382. This was a noted level to look for shorts due to this barrier being positioned within the walls of a weekly supply at 1.1533-1.1278. In addition to this, we liked the fact that the Quasimodo was (and still is) located just below a daily AB=CD 161.8% ext. at 1.1409 and the psychological band 1.14. Well done to any of our readers who managed to pin down a short from here. The move from 1.1382 provided at least 80 pips of profit and considering the stop-loss order should have been positioned at 1.1415 (33 pips), this would have been a worthwhile trade.
Moving forward, we can see that the unit is now back within striking distance of the aforementioned daily Quasimodo resistance. Selling from here again, of course, is a possibility, but not something we would advise. The main reason being is that the daily support area at 1.1327-1.1253 was tested yesterday and the sell orders from 1.1382 may be weak.
Our suggestions: The next area of interest for the desk is the daily Quasimodo resistance seen planted a little higher on the curve at 1.1415. Again, we know that this level is fresh, is positioned just above the daily AB=CD 161.8% ext. at 1.1409 and the psychological band 1.14, as well as still being located within the current weekly supply. To that end, we feel a bounce, at the very least, will be seen from 1.1415. Stops can be placed above the Quasimodo pattern’s apex at around 1.1430, and the first take-profit target will be the 1.1382 region: the previous daily Quasimodo pattern.
Data points to consider: German Prelim CPI. US Final GDP q/q figures, as well as the US weekly unemployment claims at 1.30pm GMT+1.
Moving forward, we can see that the unit is now back within striking distance of the aforementioned daily Quasimodo resistance. Selling from here again, of course, is a possibility, but not something we would advise. The main reason being is that the daily support area at 1.1327-1.1253 was tested yesterday and the sell orders from 1.1382 may be weak.
Our suggestions: The next area of interest for the desk is the daily Quasimodo resistance seen planted a little higher on the curve at 1.1415. Again, we know that this level is fresh, is positioned just above the daily AB=CD 161.8% ext. at 1.1409 and the psychological band 1.14, as well as still being located within the current weekly supply. To that end, we feel a bounce, at the very least, will be seen from 1.1415. Stops can be placed above the Quasimodo pattern’s apex at around 1.1430, and the first take-profit target will be the 1.1382 region: the previous daily Quasimodo pattern.
Data points to consider: German Prelim CPI. US Final GDP q/q figures, as well as the US weekly unemployment claims at 1.30pm GMT+1.
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