Between 1.0745 and 1.0775 may see buyers make an appearance
EUR/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight demand-turned supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [0.6038]) and demand at 1.0488/1.0912.
April, as you can see, spent the best part of the month feasting on the top edge of 1.0488/1.0912, though did manage to squeeze out a Japanese hammer candlestick pattern, viewed as a bullish reversal signal.
May, on the other hand, is currently tunnelling back into the said demand, overlooking April’s candlestick signal.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Partially altered from previous analysis -
After eclipsing April 15 high at 1.0990, a move that missed the 200-day simple moving average (SMA) at 1.1029 by a hair, EUR/USD downside grew Wednesday, testing lows at 1.0782.
This shines the spotlight on the 78.6% Fib level at 1.0745 as possible support, though a break here would expose demand at 1.0526/1.0638, an area extended from March 2017.
H4 timeframe:
Following the retest at the underside of supply from 1.0906/1.0878, formed by way of a shooting star Japanese candlestick pattern, this led price through support at 1.0821 yesterday and drew in nearby trendline resistance-turned support (1.1147).
The pair is striving to regain some lost ground off the said trendline, though 1.0821 is currently capping upside attempts, unearthing the potential of further selling towards trendline support coming in from 1.0635.
H1 timeframe:
Aired as a possibility in recent analysis, 1.0850 held as resistance and took a run at 1.08 on Wednesday. Technicians will note this formed a supply zone at 1.0847/1.0832.
Recent downside brings supply-turned demand at 1.0760-1.0775 to light, placed a touch ahead of the 1.0750 base.
The RSI momentum indicator remains capped under 44.00, off a trough around 20.00.
Structures of Interest:
Analytical structure highlights the H1 supply-turned demand at 1.0760-1.0775 as a possible reversal zone today. The area comes together with H4 trendline support (1.0635), sited just north of the 1.0750 level on the H1 and also joins closely with the 78.6% Fib level at 1.0745 on the daily timeframe.
As a result, should we dive today, between 1.0745 and 1.0775 may see buyers make an attempt at a recovery.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight demand-turned supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [0.6038]) and demand at 1.0488/1.0912.
April, as you can see, spent the best part of the month feasting on the top edge of 1.0488/1.0912, though did manage to squeeze out a Japanese hammer candlestick pattern, viewed as a bullish reversal signal.
May, on the other hand, is currently tunnelling back into the said demand, overlooking April’s candlestick signal.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Partially altered from previous analysis -
After eclipsing April 15 high at 1.0990, a move that missed the 200-day simple moving average (SMA) at 1.1029 by a hair, EUR/USD downside grew Wednesday, testing lows at 1.0782.
This shines the spotlight on the 78.6% Fib level at 1.0745 as possible support, though a break here would expose demand at 1.0526/1.0638, an area extended from March 2017.
H4 timeframe:
Following the retest at the underside of supply from 1.0906/1.0878, formed by way of a shooting star Japanese candlestick pattern, this led price through support at 1.0821 yesterday and drew in nearby trendline resistance-turned support (1.1147).
The pair is striving to regain some lost ground off the said trendline, though 1.0821 is currently capping upside attempts, unearthing the potential of further selling towards trendline support coming in from 1.0635.
H1 timeframe:
Aired as a possibility in recent analysis, 1.0850 held as resistance and took a run at 1.08 on Wednesday. Technicians will note this formed a supply zone at 1.0847/1.0832.
Recent downside brings supply-turned demand at 1.0760-1.0775 to light, placed a touch ahead of the 1.0750 base.
The RSI momentum indicator remains capped under 44.00, off a trough around 20.00.
Structures of Interest:
Analytical structure highlights the H1 supply-turned demand at 1.0760-1.0775 as a possible reversal zone today. The area comes together with H4 trendline support (1.0635), sited just north of the 1.0750 level on the H1 and also joins closely with the 78.6% Fib level at 1.0745 on the daily timeframe.
As a result, should we dive today, between 1.0745 and 1.0775 may see buyers make an attempt at a recovery.
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