Kicking things off from the top this morning, weekly action continues to consolidate sub 1.2579: the 2018 yearly opening level. Further selling from this point could eventually see the unit tackle a weekly demand area coming in at 1.1919-1.2074. Moving down to the daily candles, we can see that the buyers and sellers remain confined between daily supply at 1.2554-1.2510 and a daily 61.8% Fib support level at 1.2390.
In recent hours, H4 price crossed above the H4 mid-level resistance, following a couple of days of consolidation. Providing that the buyers remain in control, we could see 1.25 brought into play, alongside the lower edge of daily supply mentioned above at 1.2510.
Market direction:
In spite of weekly price suggesting further downside, the daily 61.8% Fib support mentioned above at 1.2390 will likely be tough nut to crack.
Buying above 1.2450 could be good for an intraday break up to 1.25ish, but is not really a trade we’d place a whole lot of weight on.
In the absence of clearer price action, remaining flat may be the best route to take today.
Data points to consider: US housing data, Philly Fed manufacturing index and weekly unemployment claims at 1.30pm; Crude oil inventories at 4pm GMT.
Areas worthy of attention:
Supports: 1.24 handle; 1.2390; 1.1919-1.2074.
Resistances: 1.2450 (potential); 1.25 handle; 1.2554-1.2510.
In recent hours, H4 price crossed above the H4 mid-level resistance, following a couple of days of consolidation. Providing that the buyers remain in control, we could see 1.25 brought into play, alongside the lower edge of daily supply mentioned above at 1.2510.
Market direction:
In spite of weekly price suggesting further downside, the daily 61.8% Fib support mentioned above at 1.2390 will likely be tough nut to crack.
Buying above 1.2450 could be good for an intraday break up to 1.25ish, but is not really a trade we’d place a whole lot of weight on.
In the absence of clearer price action, remaining flat may be the best route to take today.
Data points to consider: US housing data, Philly Fed manufacturing index and weekly unemployment claims at 1.30pm; Crude oil inventories at 4pm GMT.
Areas worthy of attention:
Supports: 1.24 handle; 1.2390; 1.1919-1.2074.
Resistances: 1.2450 (potential); 1.25 handle; 1.2554-1.2510.
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