EUR/USD: Tech report
Weekly gain/loss: + 86 pips
Weekly closing price: 1.1749
The EUR/USD market enjoyed another relatively successful week, chalking in its third consecutive weekly bullish candle. In order for the bulls to continue pushing higher this week, however, weekly resistance at 1.1759 will need to be taken out. A decisive close above this line will likely see the major approach a weekly resistance planted at 1.2044.
Turning our attention to the daily timeframe, we can see that price spent the majority of the week clinging to the underside of a channel resistance extended from the high 1.1268. Also noteworthy is the fresh (strong-looking) supply lurking a few pips ahead of current price at 1.1870-1.1786.
A quick recap of Friday’s action on the H4 chart shows the unit extended Thursday’s bounce from the mid-level support at 1.1650 on Friday. The 1.17 handle was all but ignored, allowing price to end the week shaking hands with weekly resistance at 1.1759 going into the close.
Our suggestions: Upside momentum is, we agree, incredibly strong at the moment. Nevertheless, is it about time for the single currency to reverse? The reason we ask this is due to the following technical elements:
• Weekly resistance at 1.1759.
• Daily channel resistance, followed closely by daily supply at 1.1870-1.1786.
• H4 round number 1.1800, H4 resistance at 1.1812 and a nice-looking H4 AB=CD approach in the making (see green arrows) that terminates around the 127.2% Fib ext. at 1.1823.
Personally speaking, we feel a bounce is likely to be seen from the 1.1823/1.1800 H4 area sometime this week. Not only is it packed full of H4 confluence, it is also located just above weekly resistance and seen positioned within the walls of a daily supply!
Data points to consider: No high-impacting news events scheduled on the docket today.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.1823/1.1800 region (stop loss: aggressive –1.1825, conservative –1.1872).
Weekly closing price: 1.1749
The EUR/USD market enjoyed another relatively successful week, chalking in its third consecutive weekly bullish candle. In order for the bulls to continue pushing higher this week, however, weekly resistance at 1.1759 will need to be taken out. A decisive close above this line will likely see the major approach a weekly resistance planted at 1.2044.
Turning our attention to the daily timeframe, we can see that price spent the majority of the week clinging to the underside of a channel resistance extended from the high 1.1268. Also noteworthy is the fresh (strong-looking) supply lurking a few pips ahead of current price at 1.1870-1.1786.
A quick recap of Friday’s action on the H4 chart shows the unit extended Thursday’s bounce from the mid-level support at 1.1650 on Friday. The 1.17 handle was all but ignored, allowing price to end the week shaking hands with weekly resistance at 1.1759 going into the close.
Our suggestions: Upside momentum is, we agree, incredibly strong at the moment. Nevertheless, is it about time for the single currency to reverse? The reason we ask this is due to the following technical elements:
• Weekly resistance at 1.1759.
• Daily channel resistance, followed closely by daily supply at 1.1870-1.1786.
• H4 round number 1.1800, H4 resistance at 1.1812 and a nice-looking H4 AB=CD approach in the making (see green arrows) that terminates around the 127.2% Fib ext. at 1.1823.
Personally speaking, we feel a bounce is likely to be seen from the 1.1823/1.1800 H4 area sometime this week. Not only is it packed full of H4 confluence, it is also located just above weekly resistance and seen positioned within the walls of a daily supply!
Data points to consider: No high-impacting news events scheduled on the docket today.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.1823/1.1800 region (stop loss: aggressive –1.1825, conservative –1.1872).
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