EUR/USD: Tech outlook and review
Weekly gain/loss: - 78 pips
Weekly closing price: 1.1733
Over the last week, the single currency sustained further losses against its US counterpart, consequently pulling the unit deeper into nearby demand at 1.1662-1.1814. In the event that this zone eventually gives way, the large support area seen directly below it at 1.1533-1.1278 will likely be challenged.
From the daily timeframe, nevertheless, we witnessed price action test the top edge of demand positioned at 1.1612-1.1684 and form a strong-looking buying tail. Assuming that the bulls remain in the driving seat here, the next upside target can be seen at resistance drawn from 1.1878.
As can be seen from the H4 timeframe, the euro moved lower in the immediate aftermath of Friday’s job’s report (average hourly earnings increased by 0.5% and unemployment fell to 4.2%). Despite briefly slipping below the Quasimodo support at 1.1681, the pair managed to recover relatively quickly and end the day marginally in the green.
For those who read Friday’s report, we highlighted a possible buy from the above noted Quasimodo support with stops planted below the current weekly demand base. Well done to any of our readers who managed to jump aboard this move. Unfortunately, we passed given the level hit during news.
Suggestions: On the grounds that the unit remains trading within a weekly demand, and also recently shook hands with a daily demand, further buying is still likely we believe.
Near-term resistance stands at 1.1750. Once/if price crosses above this hurdle, October’s opening level at 1.1788/1.18 handle, followed closely by August’s opening level at 1.1830 will be next in line.
Data points to consider: No high-impacting news events on the docket – US banks closed in observance of Columbus Day.
Levels to watch/live orders:
• Buys: Watch for H4 price to engulf 1.1750 and then look to trade any retest seen thereafter (waiting for a lower-timeframe confirming signal to form following the retest is advised – see the top of this report, stop loss: dependent on where one confirms this level).
• Sells: Flat (stop loss: N/A).
Weekly closing price: 1.1733
Over the last week, the single currency sustained further losses against its US counterpart, consequently pulling the unit deeper into nearby demand at 1.1662-1.1814. In the event that this zone eventually gives way, the large support area seen directly below it at 1.1533-1.1278 will likely be challenged.
From the daily timeframe, nevertheless, we witnessed price action test the top edge of demand positioned at 1.1612-1.1684 and form a strong-looking buying tail. Assuming that the bulls remain in the driving seat here, the next upside target can be seen at resistance drawn from 1.1878.
As can be seen from the H4 timeframe, the euro moved lower in the immediate aftermath of Friday’s job’s report (average hourly earnings increased by 0.5% and unemployment fell to 4.2%). Despite briefly slipping below the Quasimodo support at 1.1681, the pair managed to recover relatively quickly and end the day marginally in the green.
For those who read Friday’s report, we highlighted a possible buy from the above noted Quasimodo support with stops planted below the current weekly demand base. Well done to any of our readers who managed to jump aboard this move. Unfortunately, we passed given the level hit during news.
Suggestions: On the grounds that the unit remains trading within a weekly demand, and also recently shook hands with a daily demand, further buying is still likely we believe.
Near-term resistance stands at 1.1750. Once/if price crosses above this hurdle, October’s opening level at 1.1788/1.18 handle, followed closely by August’s opening level at 1.1830 will be next in line.
Data points to consider: No high-impacting news events on the docket – US banks closed in observance of Columbus Day.
Levels to watch/live orders:
• Buys: Watch for H4 price to engulf 1.1750 and then look to trade any retest seen thereafter (waiting for a lower-timeframe confirming signal to form following the retest is advised – see the top of this report, stop loss: dependent on where one confirms this level).
• Sells: Flat (stop loss: N/A).
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