EUR/USD: Technical outlook and review.
Weekly Timeframe: The Euro continued its relentless march south last week, and as a result saw prices closing just above a very obvious weekly ‘buy zone’ (1.26591-1.28010) at 1.28234. This zone remains an important one to us, since it has provided support to the market on three previous occasions, the first, on 25/03/13 (1.27497), the second seen on 13/05/13 (1.27953), and finally the third time was on 01/07/13 (1.28049), and as a result we are expecting some sort of bullish reaction to be seen here soon
Daily Timeframe: At the time of writing, there is very little active buying being seen within the daily demand area at 1.27541-1.28676, if this continues, we could possibly see a break south towards a notable daily support flip level at 1.26859, since both of these levels sit firmly within the aforementioned weekly ‘buy zone’.
4hr Timeframe: Technically, price has not changed much since the market opened within 4hr demand (1.28095-1.28353) at 1.28295. We feel this area of demand is weak due to the touch seen on 17/09/14 at 1.28331, as this move potentially consumed some of the buyers here, so a break south in our opinion is imminent.
With both the daily and weekly timeframes showing relatively strong demand (Weekly: 1.26591-1.28010, Daily: 1.27541-1.28676) our bias for this pair is very much north, and as a result, we have placed a pending buy order just above a strong-looking fresh 4hr demand area (1.27541-1.27904) at 1.27970. A bounce at the very least should be seen here since this remains the overall origin of a huge rally that started on 09/07/13. Assuming our buy order gets filled this week, our first take-profit target will likely be set just under 4hr supply (1.29276-1.28959) at 1.28899. On a side note, this area is as fresh as they come, notice it was not a reaction to anything obvious on this timeframe, and coupled with the 1.29 level lurking within, it remains a strong area for a touch trade, it’s just a shame we’re sitting on heavy higher-timeframe demand!
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.27970 (Stop loss: 1.27477 Take profit level(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Daily Timeframe: At the time of writing, there is very little active buying being seen within the daily demand area at 1.27541-1.28676, if this continues, we could possibly see a break south towards a notable daily support flip level at 1.26859, since both of these levels sit firmly within the aforementioned weekly ‘buy zone’.
4hr Timeframe: Technically, price has not changed much since the market opened within 4hr demand (1.28095-1.28353) at 1.28295. We feel this area of demand is weak due to the touch seen on 17/09/14 at 1.28331, as this move potentially consumed some of the buyers here, so a break south in our opinion is imminent.
With both the daily and weekly timeframes showing relatively strong demand (Weekly: 1.26591-1.28010, Daily: 1.27541-1.28676) our bias for this pair is very much north, and as a result, we have placed a pending buy order just above a strong-looking fresh 4hr demand area (1.27541-1.27904) at 1.27970. A bounce at the very least should be seen here since this remains the overall origin of a huge rally that started on 09/07/13. Assuming our buy order gets filled this week, our first take-profit target will likely be set just under 4hr supply (1.29276-1.28959) at 1.28899. On a side note, this area is as fresh as they come, notice it was not a reaction to anything obvious on this timeframe, and coupled with the 1.29 level lurking within, it remains a strong area for a touch trade, it’s just a shame we’re sitting on heavy higher-timeframe demand!
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.27970 (Stop loss: 1.27477 Take profit level(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
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