EUR/USD: Technical outlook and review.
4hr TF.
The higher-timeframe picture resembles the following:
• Weekly timeframe: Price is currently trading within weekly demand at 1.32940-1.34847, and at the time of writing, the sellers seem to be overcoming any buying pressure in the market, could we see a break below this weekly demand area sometime soon?
• Daily timeframe: The daily level of interest seen at 1.33559 is currently proving itself, a nice-looking bullish pin bar has just formed, and a push back up to the daily decision point area at 1.34433-1.34202 is certainly not out of the question at the moment.
Recent trading action shows there is indeed buying interest around the 1.33559 area, since the sellers around the 1.33774 level seems to have been consumed around this area. This could very well mean we are going to see higher prices up to at least the round number 1.34, and even possibly the 4hr decision-point area above at 1.34234-1.34084. In our opinion for price to show serious buying interest here, we would like to see the sellers around the following areas consumed: 1.34…1.34234-1.34084, until this happens, we remain dubious of this bullish activity currently being seen.
A piece from the last analysis, which still holds value:
Below, far to the left of current price action is very interesting. Demand seems to be consumed all the way down to the round number 1.33, take note of the tails sent south while price was rallying north, this likely indicates pro money buyers sent price down to collect unfilled buy orders as they were rallying higher, hence the likelihood of demand consumption there (take a look, it is a thing of beauty!). With the above in mind a drop lower could be something pro money is looking at. So, if price is going south, pro money will no doubt require buy orders to sell into (liquidity), meaning a push up to the 4hr decision-point area at 1.34234-1.34084 may be seen beforehand.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
• Pending sell orders (Green line) are seen just below a 4hr decision-point area (1.34234-1.34804) at 1.34053. If price is intent on trading south, this will be the likely area of supply pro money sellers will use to collect the much-needed liquidity for a drop south.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 1.34753 (SL: 1.35031 TP: Dependent on price approach) 1.34053 (SL: 1.34275 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
The higher-timeframe picture resembles the following:
• Weekly timeframe: Price is currently trading within weekly demand at 1.32940-1.34847, and at the time of writing, the sellers seem to be overcoming any buying pressure in the market, could we see a break below this weekly demand area sometime soon?
• Daily timeframe: The daily level of interest seen at 1.33559 is currently proving itself, a nice-looking bullish pin bar has just formed, and a push back up to the daily decision point area at 1.34433-1.34202 is certainly not out of the question at the moment.
Recent trading action shows there is indeed buying interest around the 1.33559 area, since the sellers around the 1.33774 level seems to have been consumed around this area. This could very well mean we are going to see higher prices up to at least the round number 1.34, and even possibly the 4hr decision-point area above at 1.34234-1.34084. In our opinion for price to show serious buying interest here, we would like to see the sellers around the following areas consumed: 1.34…1.34234-1.34084, until this happens, we remain dubious of this bullish activity currently being seen.
A piece from the last analysis, which still holds value:
Below, far to the left of current price action is very interesting. Demand seems to be consumed all the way down to the round number 1.33, take note of the tails sent south while price was rallying north, this likely indicates pro money buyers sent price down to collect unfilled buy orders as they were rallying higher, hence the likelihood of demand consumption there (take a look, it is a thing of beauty!). With the above in mind a drop lower could be something pro money is looking at. So, if price is going south, pro money will no doubt require buy orders to sell into (liquidity), meaning a push up to the 4hr decision-point area at 1.34234-1.34084 may be seen beforehand.
Pending/P.A confirmation orders:
• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• Pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into (what was at the time) 4hr demand at 1.33984-1.34404, with the possibility of unfilled sell orders still waiting there.
• Pending sell orders (Green line) are seen just below a 4hr decision-point area (1.34234-1.34804) at 1.34053. If price is intent on trading south, this will be the likely area of supply pro money sellers will use to collect the much-needed liquidity for a drop south.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 1.34753 (SL: 1.35031 TP: Dependent on price approach) 1.34053 (SL: 1.34275 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.