EUR/USD: Daily technical outlook and review.
Weekly Timeframe: At the time of writing, price is trading very deep within a weekly (demand) ‘buy zone’ at 1.26591-1.28010 with very little buying interest being seen at the moment. A close below here would likely attract further selling down towards a combined weekly demand/Quasimodo support area at 1.22403-1.24420/1.22866.
Daily Timeframe: The daily timeframe shows price is currently trading around a daily demand swap zone seen at 1.26229-1.26742. Will this zone be enough to support the buyers, or will it crumble under the prevailing downtrend?
4hr Timeframe: On the 4hr timeframe, in our opinion, we do have some bullish price action. Notice how price closed above the 1.27 level consuming the majority of traders attempting to play the retest, and with that potentially clearing the path north up to at least a 4hr supply area seen at 1.27597-1.27390 (active sell orders seen just below at 1.27350).
Buy orders have very likely already been filled just above the 4hr demand area (1.26591-1.26840) at 1.26882, with the possibility of price rallying to the aforementioned 4hr supply area – not bad risk to reward! Be that as it may, with the current weakness being shown within weekly demand (1.26591-1.28010) at the moment, a break below here would very likely force prices to fill potential buy orders sitting around the 1.26554 level, just above a 4hr decision-point area seen at 1.26250-1.26504.
Buy/sell levels:
• Buy orders: 1.26554 (Predicative stop-loss orders seen at: 1.26200).
• Sell orders: 1.27350 (Predicative stop-loss orders seen at: 1.27646).
Daily Timeframe: The daily timeframe shows price is currently trading around a daily demand swap zone seen at 1.26229-1.26742. Will this zone be enough to support the buyers, or will it crumble under the prevailing downtrend?
4hr Timeframe: On the 4hr timeframe, in our opinion, we do have some bullish price action. Notice how price closed above the 1.27 level consuming the majority of traders attempting to play the retest, and with that potentially clearing the path north up to at least a 4hr supply area seen at 1.27597-1.27390 (active sell orders seen just below at 1.27350).
Buy orders have very likely already been filled just above the 4hr demand area (1.26591-1.26840) at 1.26882, with the possibility of price rallying to the aforementioned 4hr supply area – not bad risk to reward! Be that as it may, with the current weakness being shown within weekly demand (1.26591-1.28010) at the moment, a break below here would very likely force prices to fill potential buy orders sitting around the 1.26554 level, just above a 4hr decision-point area seen at 1.26250-1.26504.
Buy/sell levels:
• Buy orders: 1.26554 (Predicative stop-loss orders seen at: 1.26200).
• Sell orders: 1.27350 (Predicative stop-loss orders seen at: 1.27646).
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