Forex Technical Analysis For: EUR/USD (Daily)
$EURUSD, $.DXY
Euro
The EUR/USD gaped 16 pips higher Monday, opening at 1.1161. The gap was filled quickly, and retested the mid-level number 1.1150 as support and forming a 4hr Bullish pin candle to start the day.
Following this little action was seen due to the US/Canada holiday.
The single currency spent the entire day resting on top of 1.1150, which proved good support.
In the event that 1.1150 remains bid going into Tuesday’s sessions, the price will likely rally towards the 1.1200 handle and fake above it to connect with offers sitting around 4hr supply at 1.1242-1.1212.
Supporting this, the daily action closed above a daily swap (Resistance) mark at 1.1148 Monday, forming a Bullish daily pin candle and likely clearing the path North up to 1.1214, another daily swap (Resistance) mark.
The Southside to this is the fact that price on the weekly frame is holding below the underside of weekly supply at 1.1532-1.1278. But, this should not cause too much problems for a small 60-pip move North from 1.1150 Tuesday.
Targets for Tuesday will be at the 1.1200 mark. So, if you cannot find a suitable entry at 1.1150 that offers a small enough stop, recommend passing on the trade as ideally a least 2:1 risk/reward is called for in here.
Levels to watch/live orders:
- Buys:1.1150(Tentative – confirm needed) (Stop loss: dependent on where 1 confirms this mark).
- Sells: Flat (Stop loss: None).
Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader
Have a terrific week.
HeffX-LTN
Paul Ebeling
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