Well done to anyone who shorted 1.0083!!!
For anyone who read our previous report on this pair (blog.icmarkets.com/tuesday-10th-november-daily-technical-outlook-and-review/), you may remember us noting that we were looking for price to break above Friday’s high 1.0076 and attack the 4hr resistance level seen just above it at 1.0083. As can be seen from the chart, price did exactly that. For us, however, we passed on this trade completely as we were already long the EUR/USD. Taking a short on this pair and a long on the EUR/USD might not be the best path to take due to the negative correlation that exists.
We do hope some of our readers took advantage of this setup as it has potential for a nice sell-off given the higher timeframe picture. Weekly action is currently trading at the lower limits of a stacked supply formation coming in at 1.0126-1.0044 (upper zone is seen at 1.0239-1.0131). Additionally, we also see a nice-looking AB=CD Harmonic pattern completing around 1.0046 region. Similar to that of the weekly timeframe, daily action shows price now kissing the underside of supply drawn from 1.0126-1.0055 (ties in lovely with the weekly supply area mentioned above at 1.0126-1.0044). Assuming that we were short this pair, however, we’d now be eyeing parity as our immediate take-profit zone. Other than this, we see little opportunity on this pair right now.
We do hope some of our readers took advantage of this setup as it has potential for a nice sell-off given the higher timeframe picture. Weekly action is currently trading at the lower limits of a stacked supply formation coming in at 1.0126-1.0044 (upper zone is seen at 1.0239-1.0131). Additionally, we also see a nice-looking AB=CD Harmonic pattern completing around 1.0046 region. Similar to that of the weekly timeframe, daily action shows price now kissing the underside of supply drawn from 1.0126-1.0055 (ties in lovely with the weekly supply area mentioned above at 1.0126-1.0044). Assuming that we were short this pair, however, we’d now be eyeing parity as our immediate take-profit zone. Other than this, we see little opportunity on this pair right now.
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