EUR/USD: Technical outlook and review.
Weekly Timeframe: Last week’s weekly candle shows that selling interest came into the market around the weekly support flip level seen at 1.27541, and as a result this forced the market to close the week out at 1.26262. If follow-through selling is seen this week, price could very well hit a combined weekly demand/Quasimodo support area coming in at 1.22403-1.24420/1.22866.
Daily Timeframe: The daily timeframe shows that further selling is very possible, as there seems to be very little stopping price from once again challenging the daily demand area at 1.24642-1.25616.
4hr Timeframe: The 4hr timeframe shows that the Euro dropped around 100 points on Friday from the 1.27 level down to just above the 1.26 level, where at which point two buying tails formed (1.26080/1.26043) just before the market closed for the week.
Either today or sometime during the week, we believe that the 1.26 level will indeed be consumed, and as a consequence will clear the way for price to challenge the 4hr Quasimodo support level coming in at 1.25699. Assuming buying interest is seen here, it will (in our opinion) not be enough to compete with the sellers, which will likely encourage further selling down towards the (weak) 4hr demand area seen at 1.25005-1.25362. The reasoning behind our thinking is simply because both the weekly and daily timeframes are indicating that continuation selling is very possible for the time being (see above). Therefore taking all of the above into consideration, going long is not a viable option for us, and for the moment, we see no entry to go short. So, as a result we remain flat on this pair.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
Daily Timeframe: The daily timeframe shows that further selling is very possible, as there seems to be very little stopping price from once again challenging the daily demand area at 1.24642-1.25616.
4hr Timeframe: The 4hr timeframe shows that the Euro dropped around 100 points on Friday from the 1.27 level down to just above the 1.26 level, where at which point two buying tails formed (1.26080/1.26043) just before the market closed for the week.
Either today or sometime during the week, we believe that the 1.26 level will indeed be consumed, and as a consequence will clear the way for price to challenge the 4hr Quasimodo support level coming in at 1.25699. Assuming buying interest is seen here, it will (in our opinion) not be enough to compete with the sellers, which will likely encourage further selling down towards the (weak) 4hr demand area seen at 1.25005-1.25362. The reasoning behind our thinking is simply because both the weekly and daily timeframes are indicating that continuation selling is very possible for the time being (see above). Therefore taking all of the above into consideration, going long is not a viable option for us, and for the moment, we see no entry to go short. So, as a result we remain flat on this pair.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).
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