Monthly supply at 1.1857/1.1352 in force
EUR/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912.
April spent the best part of the month feasting on the top edge of 1.0488/1.0912, squeezing out a Japanese hammer candlestick pattern, typically viewed as a bullish reversal signal. May, as you can see, recovered off worst levels and wrapped up a few pips shy of monthly highs, with June recently reconnecting with the lower ledge of 1.1857/1.1352.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Inspired on the back of broad-based USD selling pressure, EUR/USD notched up its eighth successive daily gain Thursday.
In favour of monthly supply at 1.1857/1.1352, daily submerged supply at 1.1323/1.1268. Technicians will also note this area united with trendline resistance (1.0879), a 127.2% Fib ext. level at 1.1286 and 78.6% Fib ret level from 1.1310.
The RSI indicator also extended into overbought terrain yesterday, currently testing 77.30.
H4 timeframe:
Leaving demand at 1.1189/1.1158 (prior supply) unchallenged by a hair yesterday, the upward lift powered into stacked supply between 1.1368/1.1338 and 1.1360/1.1316.
Candlestick traders may also find use in noting the current candle appears poised to close by way of a Japanese shooting star pattern, generally considered a bearish signal at peaks.
H1 timeframe:
Heading into US trade Thursday, a dip to lows at 1.1216 occurred, missing a particularly interesting area of demand at 1.1199/1.1212 by a handful of pips before rotating to the upside.
Supply at 1.1322/1.1286, extended from mid-March, along with the 1.13 handle, as you can see, had little to offer yesterday. Heading into the closing stages of the day, buyers and sellers went head-to-head off 1.1350 and the upper parapet of the recently submerged supply zone (now representing demand). Above 1.1350, buyers will have 1.14 on the hit list.
Structures of Interest:
Monthly supply at 1.1857/1.1352 coming into force, along with daily structure still having a hand in this fight and H4 price displaying signs of possible weakness from stacked supply between 1.1368/1.1338 and 1.1360/1.1316, could instigate a pop lower today.
As such, H1 players may look to get involved sub 1.13.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912.
April spent the best part of the month feasting on the top edge of 1.0488/1.0912, squeezing out a Japanese hammer candlestick pattern, typically viewed as a bullish reversal signal. May, as you can see, recovered off worst levels and wrapped up a few pips shy of monthly highs, with June recently reconnecting with the lower ledge of 1.1857/1.1352.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Inspired on the back of broad-based USD selling pressure, EUR/USD notched up its eighth successive daily gain Thursday.
In favour of monthly supply at 1.1857/1.1352, daily submerged supply at 1.1323/1.1268. Technicians will also note this area united with trendline resistance (1.0879), a 127.2% Fib ext. level at 1.1286 and 78.6% Fib ret level from 1.1310.
The RSI indicator also extended into overbought terrain yesterday, currently testing 77.30.
H4 timeframe:
Leaving demand at 1.1189/1.1158 (prior supply) unchallenged by a hair yesterday, the upward lift powered into stacked supply between 1.1368/1.1338 and 1.1360/1.1316.
Candlestick traders may also find use in noting the current candle appears poised to close by way of a Japanese shooting star pattern, generally considered a bearish signal at peaks.
H1 timeframe:
Heading into US trade Thursday, a dip to lows at 1.1216 occurred, missing a particularly interesting area of demand at 1.1199/1.1212 by a handful of pips before rotating to the upside.
Supply at 1.1322/1.1286, extended from mid-March, along with the 1.13 handle, as you can see, had little to offer yesterday. Heading into the closing stages of the day, buyers and sellers went head-to-head off 1.1350 and the upper parapet of the recently submerged supply zone (now representing demand). Above 1.1350, buyers will have 1.14 on the hit list.
Structures of Interest:
Monthly supply at 1.1857/1.1352 coming into force, along with daily structure still having a hand in this fight and H4 price displaying signs of possible weakness from stacked supply between 1.1368/1.1338 and 1.1360/1.1316, could instigate a pop lower today.
As such, H1 players may look to get involved sub 1.13.
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