Thoughts on the EUR/USD...
Early Asia chalked up a top just ahead of the H4 mid-level resistance at 1.1850 on Wednesday, which followed through with a dominant selloff, likely boosted by upbeat US ADP figures (suggesting a potentially solid NFP number on Friday). H4 price, as you can see, clocked a low of 1.1780 amid the US segment before mildly paring losses from October’s opening level at 1.1788.
The weekly support area at 1.1880-1.1777 is currently in a somewhat fragile position. Last week’s buying tail has experienced zero follow through thus far, and at the time of writing is seen trading around the lower edge of the zone. Daily price on the other hand, extended its bearish position from the underside of the daily resistance at 1.1878 and is seen nearing the top edge of a rather well-appointed daily demand base coming in at 1.1712-1.1757.
Direction: At current price, H4 action is seen attempting to break back above the 1.18 fence. This is an encouraging sign for the bulls, especially for those who bought from within the current weekly support area! Whether this will be enough to encourage further buying, though, is difficult to judge, as let’s remember that daily sellers look poised to dig lower. A more superior place for longs, technically speaking, might be the H4 support seen below at 1.1730. Not only is the line positioned within the walls of the aforesaid daily demand, it is also located just above a nice-looking H4 Quasimodo support at 1.1722.
Selling would only be something to consider on the break of 1.1788. Nevertheless, this would entail selling into a weekly support zone and nearby the top edge of a daily demand zone. The odds would not be in your favor!
Data points to consider: ECB president Draghi speaks at 4pm; US unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: October’s opening level at 1.1788; H4 support seen at 1.1730; H4 Quasimodo support at 1.1722;
weekly support area at 1.1880-1.1777; daily demand base coming in at 1.1712-1.1757.
Resistances: H4 mid-level resistance at 1.1850; daily resistance at 1.1878.
The weekly support area at 1.1880-1.1777 is currently in a somewhat fragile position. Last week’s buying tail has experienced zero follow through thus far, and at the time of writing is seen trading around the lower edge of the zone. Daily price on the other hand, extended its bearish position from the underside of the daily resistance at 1.1878 and is seen nearing the top edge of a rather well-appointed daily demand base coming in at 1.1712-1.1757.
Direction: At current price, H4 action is seen attempting to break back above the 1.18 fence. This is an encouraging sign for the bulls, especially for those who bought from within the current weekly support area! Whether this will be enough to encourage further buying, though, is difficult to judge, as let’s remember that daily sellers look poised to dig lower. A more superior place for longs, technically speaking, might be the H4 support seen below at 1.1730. Not only is the line positioned within the walls of the aforesaid daily demand, it is also located just above a nice-looking H4 Quasimodo support at 1.1722.
Selling would only be something to consider on the break of 1.1788. Nevertheless, this would entail selling into a weekly support zone and nearby the top edge of a daily demand zone. The odds would not be in your favor!
Data points to consider: ECB president Draghi speaks at 4pm; US unemployment claims at 1.30pm GMT.
Areas worthy of attention:
Supports: October’s opening level at 1.1788; H4 support seen at 1.1730; H4 Quasimodo support at 1.1722;
weekly support area at 1.1880-1.1777; daily demand base coming in at 1.1712-1.1757.
Resistances: H4 mid-level resistance at 1.1850; daily resistance at 1.1878.
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