thoughts on the EUR today...
For the most part it was a relatively quiet session on Thursday. The H4 candles failed to sustain gains beyond the 1.1170 mark, and concluded the day printing a bullish buying tail off the mid-level support at 1.1150. According to the daily timeframe, which happens to be trading within the walls of a demand area coming in at 1.1075-1.1158, 1.1150 may well hold as support today and force the unit to challenge the 1.12 neighborhood.
Should our analysis be correct, and price does indeed rally to connect with 1.12, our team would be interested in shorting from this region. 1.12 is encapsulated by a H4 supply noted at 1.1212-1.1190, as well as being positioned a few pips above a H4 AB=CD 127.2% ext. at 1.1193 taken from the low 1.1119 and is also located nearby a H4 38.2% Fib resistance planted at 1.1186 extended from the high 1.1295. In addition to this, we also see weekly sellers continue to reflect a strong bearish stance from the underside of a major weekly supply at 1.1533-1.1278.
Our suggestions: The question is, would we be comfortable selling knowing that price is coming from daily demand? For us personally, we’d need to see additional confirmation present itself. A reasonably sized H4 bearish candle, preferably a full-bodied candle, would be ideal. The first take-profit target from here would be the 1.1150 line.
Data points to consider: Eurozone manufacturing between 8-9am. US New home sales at 3pm, followed by FOMC member Powell speaking at 7.15pm GMT+1.
Should our analysis be correct, and price does indeed rally to connect with 1.12, our team would be interested in shorting from this region. 1.12 is encapsulated by a H4 supply noted at 1.1212-1.1190, as well as being positioned a few pips above a H4 AB=CD 127.2% ext. at 1.1193 taken from the low 1.1119 and is also located nearby a H4 38.2% Fib resistance planted at 1.1186 extended from the high 1.1295. In addition to this, we also see weekly sellers continue to reflect a strong bearish stance from the underside of a major weekly supply at 1.1533-1.1278.
Our suggestions: The question is, would we be comfortable selling knowing that price is coming from daily demand? For us personally, we’d need to see additional confirmation present itself. A reasonably sized H4 bearish candle, preferably a full-bodied candle, would be ideal. The first take-profit target from here would be the 1.1150 line.
Data points to consider: Eurozone manufacturing between 8-9am. US New home sales at 3pm, followed by FOMC member Powell speaking at 7.15pm GMT+1.
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