EUR/USD:
We are still looking for potential intraday target at 1.1430 ( 110 pips target ).
Areas of consideration:
A fakeout of the current H4 supply zone to bring in sellers from September’s opening level at 1.1595/round number 1.16 is a possibility today (yellow zone represents a fakeout area).
A short from 1.1600s would place one against possible daily buying out of 1.1479-1.1583, though in-line with weekly flow. Given this conflicting view, waiting for a H4 bearish candlestick formation to emerge off 1.16 is recommended before pulling the trigger. For those who prefer to trade without candlestick confirmation, a safe stop-loss position, according to technical structure, is likely beyond the October 1st high at 1.1624.
In the event a trade from 1.16 comes to fruition, the ultimate downside target falls in around 1.1445: the top edge of the weekly demand. Interim downside targets, nevertheless, can be seen at the top edge of H4 supply: 1.1580, followed by the minor H4 Quasimodo support at 1.1505/1.15.
Today’s data points: German banks closed in observance of German Unity Day; US ADP non-farm employment change; US ISM non-manufacturing PMI; FOMC members Barkin, Brainard and Mester, along with Fed Chair Powell also take to the stage.
We are still looking for potential intraday target at 1.1430 ( 110 pips target ).
Areas of consideration:
A fakeout of the current H4 supply zone to bring in sellers from September’s opening level at 1.1595/round number 1.16 is a possibility today (yellow zone represents a fakeout area).
A short from 1.1600s would place one against possible daily buying out of 1.1479-1.1583, though in-line with weekly flow. Given this conflicting view, waiting for a H4 bearish candlestick formation to emerge off 1.16 is recommended before pulling the trigger. For those who prefer to trade without candlestick confirmation, a safe stop-loss position, according to technical structure, is likely beyond the October 1st high at 1.1624.
In the event a trade from 1.16 comes to fruition, the ultimate downside target falls in around 1.1445: the top edge of the weekly demand. Interim downside targets, nevertheless, can be seen at the top edge of H4 supply: 1.1580, followed by the minor H4 Quasimodo support at 1.1505/1.15.
Today’s data points: German banks closed in observance of German Unity Day; US ADP non-farm employment change; US ISM non-manufacturing PMI; FOMC members Barkin, Brainard and Mester, along with Fed Chair Powell also take to the stage.
