Our thoughts on the EUR this morning...
During the course of yesterday’s segment, the single currency traded the first half of the London session sub 1.1850. Following a close above this number, however, H4 price retested the line as support and rose to a high of 1.1893 on the day.
Weekly bulls continue to show promise above weekly resistance at 1.1759. Should the major conclude the week closing beyond this line, further buying could take shape up to a weekly resistance planted at 1.2044. Turning our attention to the daily chart, supply at 1.1870-1.1786, although it is still intact, remains vulnerable to the upside. This is not only because of where weekly price is trading and the strong uptrend the EUR is currently entrenched within, but also due to the back-to-back daily spikes seen through the top edge of the daily zone.
Our suggestions: While it is clear that this market remains in a robust position at this time, we are reluctant to consider buying until the noted daily supply has been consumed (by consumed we mean a daily close printed above the area). In addition to this, it would be imprudent of our desk to buy this market when we’re still short the GBP/USD!
Data points to consider: US Job’s report at 1.30pm GMT+1.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Flat (stop loss: N/A).
Weekly bulls continue to show promise above weekly resistance at 1.1759. Should the major conclude the week closing beyond this line, further buying could take shape up to a weekly resistance planted at 1.2044. Turning our attention to the daily chart, supply at 1.1870-1.1786, although it is still intact, remains vulnerable to the upside. This is not only because of where weekly price is trading and the strong uptrend the EUR is currently entrenched within, but also due to the back-to-back daily spikes seen through the top edge of the daily zone.
Our suggestions: While it is clear that this market remains in a robust position at this time, we are reluctant to consider buying until the noted daily supply has been consumed (by consumed we mean a daily close printed above the area). In addition to this, it would be imprudent of our desk to buy this market when we’re still short the GBP/USD!
Data points to consider: US Job’s report at 1.30pm GMT+1.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: Flat (stop loss: N/A).
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