Thoughts on the EUR/USD...
Weekly gain/loss: -0.98%
Weekly closing price: 1.1769
The single currency sustained additional losses last week, consequently closing the session a few pips beneath a weekly support area formed at 1.1880-1.1777. Potentially filling stop-loss orders here, we could either see a rotation back to the upside as bigger players look to buy into these orders or a continued move to the downside, targeting weekly support at 1.1616.
With the weekly picture in mind, we can see that the daily timeframe recently crossed swords with a daily demand area at 1.1712-1.1757 and chalked up a nice-looking daily buying tail (bullish pin bar). This will likely inspire candlestick enthusiasts this week since there is room seen for the market to gravitate back up to the daily resistance level plotted at 1.1878.
Moving across to the H4 timeframe, Friday’s movement shows that the euro switched to the upside a pip ahead of the H4 support level at 1.1730. The unit pushed higher from here despite hotter-than-expected US headline NFP numbers and a steady unemployment rate. The disappointment seems to have stemmed from weak US hourly earnings.
The aforesaid H4 support level, alongside the H4 Quasimodo support seen below it at 1.1722, were noted levels to keep an eye on for a bounce as both are positioned within the walls of the said daily demand area! It was a handsome place to buy, despite the possibility of having to contend with weekly selling beneath the current weekly support area at some point in the future.
Direction:
• Long: Further buying is possible according to daily structure. However, this would place H4 buyers in a difficult position due to October’s opening level seen nearby at 1.1788, followed closely by the 1.18 handle. In addition to this, it is difficult to judge what weekly price is thinking right now as a move in either direction is conceivable. For that reason, should you enter a buy on the basis of daily price, aggressive trade management is a MUST.
• Short: This is not really a sellers’ market right now, given the daily picture and uncertainty surrounding weekly price.
Data points to consider: No high-impacting events on the docket today.
Areas worthy of attention:
Supports: 1.1730; 1.1722; 1.1880-1.1777; 1.1712-1.1757.
Resistances: 1.1788; 1.18 handle; 1.1878.
Weekly closing price: 1.1769
The single currency sustained additional losses last week, consequently closing the session a few pips beneath a weekly support area formed at 1.1880-1.1777. Potentially filling stop-loss orders here, we could either see a rotation back to the upside as bigger players look to buy into these orders or a continued move to the downside, targeting weekly support at 1.1616.
With the weekly picture in mind, we can see that the daily timeframe recently crossed swords with a daily demand area at 1.1712-1.1757 and chalked up a nice-looking daily buying tail (bullish pin bar). This will likely inspire candlestick enthusiasts this week since there is room seen for the market to gravitate back up to the daily resistance level plotted at 1.1878.
Moving across to the H4 timeframe, Friday’s movement shows that the euro switched to the upside a pip ahead of the H4 support level at 1.1730. The unit pushed higher from here despite hotter-than-expected US headline NFP numbers and a steady unemployment rate. The disappointment seems to have stemmed from weak US hourly earnings.
The aforesaid H4 support level, alongside the H4 Quasimodo support seen below it at 1.1722, were noted levels to keep an eye on for a bounce as both are positioned within the walls of the said daily demand area! It was a handsome place to buy, despite the possibility of having to contend with weekly selling beneath the current weekly support area at some point in the future.
Direction:
• Long: Further buying is possible according to daily structure. However, this would place H4 buyers in a difficult position due to October’s opening level seen nearby at 1.1788, followed closely by the 1.18 handle. In addition to this, it is difficult to judge what weekly price is thinking right now as a move in either direction is conceivable. For that reason, should you enter a buy on the basis of daily price, aggressive trade management is a MUST.
• Short: This is not really a sellers’ market right now, given the daily picture and uncertainty surrounding weekly price.
Data points to consider: No high-impacting events on the docket today.
Areas worthy of attention:
Supports: 1.1730; 1.1722; 1.1880-1.1777; 1.1712-1.1757.
Resistances: 1.1788; 1.18 handle; 1.1878.
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