Forex Technical Analysis For: EUR/USD (Daily/Weekly)
Eruo
EUR/USD
During Monday’s trading sessions, the EUR/UDS spent much of its time consolidating just above the recently broken supply, now demand at 1.1366-1.1349.
Despite this, the bias is still South for now.
Over the past 6 weeks price has consolidated around the base of supply drawn from 1.1532-1.1278. In addition to this, Monday’s daily action also printed a pin wick at the underside of a Quasimodo resistance barrier at 1.1372. This mark along with the major swap resistance line just above it at 1.1432 forms a tight daily sell zone to keep in focus this week.
With this in mind, trading plan going into Tuesday’s sessions is as follows, and remember technical confirmations are required at each mark, as follows:
- At the extreme, we’d be looking to short the Quasimodo level at 1.1440. This resistance converges right on the daily swap resistance line.
- Psych resistance 1.1400 would also be another mark to consider shorting Tuesday due to its position on the higher time frame curve.
- And, if the EUR sells-off Tuesday without reaching any of the above figures, then watch for price to take out bids around the aforementioned 4hr swap (demand) area and top-side of the upward channel (1.1294). Should the above happen, there may be an opportunity to trade this pair in the event that price retests the broken area before descending lower (see Black arrows).
Marks to watch for live orders:
- Buys: Flat (Stop loss: N/A).
- Sells:1.1440 (Tentative:confirmation required) Stop loss: dependent on where one confirms this mark, 1.1400. Tentative: confirmation required. Stop loss: dependent on where the confirms come. watch for bids at 1.1366-1.1349/top-side of upward channel to be consumed and look to enter on any retest seen at this area, again confirmation required.
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
Stay tuned…
HeffX-LTN
Paul Ebeling
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