Our take on the this pair's recent movement...
Reporting from the weekly timeframe this morning, it’s quite clear to see that the EUR is once again hugging the underside of a major area of supply drawn from 1.1533-1.1278. This base, as you can probably see, has held this pair lower since May 2015 so it is certainly an area we hold in respect. Along the same vein, daily action, thanks to another round of buying yesterday, has also recently connected with a daily supply seen at 1.1385-1.1332 (located just within the above said weekly area).
Stepping across to the H4 chart, the single currency ended yesterday’s bullish assault tapping into offers around a H4 Quasimodo resistance level penciled in at 1.1338. This hurdle, along with the 1.1300 figure below, was a zone we highlighted in our previous report to watch for potential shorts. Based on recent candle action above the 1.1300 number, however, our team will only consider selling this market here when or indeed if price closes below and retests the 1.1300 level as resistance. Not only would this give one a sell signal, but what it also does is open the doors to your first take-profit target at 1.1204-1.1222 – a H4 demand zone, and at the same time confirms selling strength from the higher-timeframe supplies mentioned above.
Stepping across to the H4 chart, the single currency ended yesterday’s bullish assault tapping into offers around a H4 Quasimodo resistance level penciled in at 1.1338. This hurdle, along with the 1.1300 figure below, was a zone we highlighted in our previous report to watch for potential shorts. Based on recent candle action above the 1.1300 number, however, our team will only consider selling this market here when or indeed if price closes below and retests the 1.1300 level as resistance. Not only would this give one a sell signal, but what it also does is open the doors to your first take-profit target at 1.1204-1.1222 – a H4 demand zone, and at the same time confirms selling strength from the higher-timeframe supplies mentioned above.
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