Seeing very little in this market – anyone seeing different???
On the EUR/USD pair the balance of bids to offers appears even right now, with July’s US ADP Non-farm employment report largely being ignored during yesterday’s session. H4 candles are currently seen locked between a demand zone chalked up at 1.1131-1.1143 and a resistance area coming in at 1.1153-1.1167. A break north from here would likely prompt further upside towards supply at 1.1192-1.1180, followed closely by the 1.12 handle. Conversely, a push below this temporary range would likely see the EUR shake hands with the 1.11 region.
Higher-timeframe technicals show weekly price is trading from a major resistance area at 1.1533-1.1278. Should the bears remain dominant from here, the next downside targets to have an eye on falls in around the 1.0970 region, followed closely by a major support seen at 1.0819. On the other side of the field, however, daily action currently occupies a support area at 1.1224-1.1072.
Our suggestions: On the whole, we’re finding this pair rather restricted. Firstly, there’s very little room for the H4 candles to stretch their legs within its current range, and also beyond its barriers. Secondly, a long trade in this market would place one against potential weekly sellers, but in-line with daily structure, and vice versa for a short. With that in mind, we have come to the conclusion that it may be better to lay low until we see clearer direction form in this market.
On the data front, traders are now looking towards the US unemployment claims and manufacturing data, as well as Friday’s hard-hitting US NFP report.
Higher-timeframe technicals show weekly price is trading from a major resistance area at 1.1533-1.1278. Should the bears remain dominant from here, the next downside targets to have an eye on falls in around the 1.0970 region, followed closely by a major support seen at 1.0819. On the other side of the field, however, daily action currently occupies a support area at 1.1224-1.1072.
Our suggestions: On the whole, we’re finding this pair rather restricted. Firstly, there’s very little room for the H4 candles to stretch their legs within its current range, and also beyond its barriers. Secondly, a long trade in this market would place one against potential weekly sellers, but in-line with daily structure, and vice versa for a short. With that in mind, we have come to the conclusion that it may be better to lay low until we see clearer direction form in this market.
On the data front, traders are now looking towards the US unemployment claims and manufacturing data, as well as Friday’s hard-hitting US NFP report.
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