EUR longs look attractive at 1.1681...
The EUR suffered going into Thursday’s London session, consequently driving through bids at the H4 mid-level support drawn from 1.1750. The unit ended the day approaching the 1.17 handle and formed a H4 buying tail. This, given it formed off of a psychological support, will likely attract buyers into the market.
Sweeping over to the weekly timeframe, demand at 1.1662-1.1814 remains in the crosshairs. As you can see though, the bulls have yet to register anything noteworthy from this region. In the event that this zone eventually gives way, the large support area at 1.1533-1.1278 will be in the spotlight. Meanwhile, down on the daily timeframe, the couple is seen hovering just ahead of demand positioned at 1.1612-1.1684.
Suggestions: Psychological numbers such as our 1.17 level are typically prone to fakeouts due to the amount of orders that these levels attract. In addition to this, the recently formed H4 buying tail has likely increased the orders here as traders will be looking to buy the pin bar. Therefore, the plan is to watch for H4 price to fakeout down to the nearby H4 Quasimodo support level at 1.1681. From our point of view, a buy from 1.1681 is a high-probability setup. Not only because of the truckload of stop-loss orders positioned beneath 1.17, but also because the H4 Quasimodo denotes the top edge of the aforementioned daily demand, as well as being located within the lower limits of the said weekly demand!
Data points to consider: US Employment figures at 1.30pm; FOMC members Dudley and Kaplan take the stage at 5.15pm/5.45pm GMT+1.
Sweeping over to the weekly timeframe, demand at 1.1662-1.1814 remains in the crosshairs. As you can see though, the bulls have yet to register anything noteworthy from this region. In the event that this zone eventually gives way, the large support area at 1.1533-1.1278 will be in the spotlight. Meanwhile, down on the daily timeframe, the couple is seen hovering just ahead of demand positioned at 1.1612-1.1684.
Suggestions: Psychological numbers such as our 1.17 level are typically prone to fakeouts due to the amount of orders that these levels attract. In addition to this, the recently formed H4 buying tail has likely increased the orders here as traders will be looking to buy the pin bar. Therefore, the plan is to watch for H4 price to fakeout down to the nearby H4 Quasimodo support level at 1.1681. From our point of view, a buy from 1.1681 is a high-probability setup. Not only because of the truckload of stop-loss orders positioned beneath 1.17, but also because the H4 Quasimodo denotes the top edge of the aforementioned daily demand, as well as being located within the lower limits of the said weekly demand!
Data points to consider: US Employment figures at 1.30pm; FOMC members Dudley and Kaplan take the stage at 5.15pm/5.45pm GMT+1.
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