Our thoughts on the single currency this morning...
Despite the H4 demand at 1.0752-1.0769 holding firm yesterday, the EUR is under noticeable pressure. The selloff from the 2016 yearly opening level at 1.0873 has been strong. According to the weekly timeframe, and this is assuming that price also remains below resistance at 1.0819, the next downside target does not come into view until the 2017 yearly opening level at 1.0515/support area at 1.0333-1.0502. On a more positive note, however, daily demand at 1.0760-1.0796 is in play and may lend a hand to the H4 bulls!
Our suggestions: To our way of seeing things, the pair reflects quite a strong bearish stance at present. While there are daily/H4 demands currently in motion, both have recently suffered a breach. The next downside hurdle beyond the current H4 demand is 1.0705-1.0723: another H4 demand base which happens to occupy the top edge of a daily support area coming in at 1.0714-1.0683. Seeing as how there are only 20 or so pips to play with between the two H4 areas, our team is reluctant to commit to shorts. Sometimes no position is the better position!
Data points to consider: US final GDP and US unemployment claims at 1.30pm. FOMC member Kaplan also takes the stage at 4pm GMT.
Our suggestions: To our way of seeing things, the pair reflects quite a strong bearish stance at present. While there are daily/H4 demands currently in motion, both have recently suffered a breach. The next downside hurdle beyond the current H4 demand is 1.0705-1.0723: another H4 demand base which happens to occupy the top edge of a daily support area coming in at 1.0714-1.0683. Seeing as how there are only 20 or so pips to play with between the two H4 areas, our team is reluctant to commit to shorts. Sometimes no position is the better position!
Data points to consider: US final GDP and US unemployment claims at 1.30pm. FOMC member Kaplan also takes the stage at 4pm GMT.
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