Monthly supply at 1.1857/1.1352 in force
EUR/USD:
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912.
April spent the best part of the month feasting on the top edge of 1.0488/1.0912, squeezing out a Japanese hammer candlestick pattern, typically viewed as a bullish reversal signal. May, as you can see, recovered off worst levels and wrapped up a few pips shy of monthly highs, with June recently reconnecting with the lower ledge of 1.1857/1.1352.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Inspired on the back of broad-based USD selling pressure, EUR/USD notched up its eighth successive daily gain Thursday.
In favour of monthly supply at 1.1857/1.1352, daily submerged supply at 1.1323/1.1268. Technicians will also note this area united with trendline resistance (1.0879), a 127.2% Fib ext. level at 1.1286 and 78.6% Fib ret level from 1.1310.
The RSI indicator also extended into overbought terrain yesterday, currently testing 77.30.
H4 timeframe:
Leaving demand at 1.1189/1.1158 (prior supply) unchallenged by a hair yesterday, the upward lift powered into stacked supply between 1.1368/1.1338 and 1.1360/1.1316.
Candlestick traders may also find use in noting the current candle appears poised to close by way of a Japanese shooting star pattern, generally considered a bearish signal at peaks.
H1 timeframe:
Heading into US trade Thursday, a dip to lows at 1.1216 occurred, missing a particularly interesting area of demand at 1.1199/1.1212 by a handful of pips before rotating to the upside.
Supply at 1.1322/1.1286, extended from mid-March, along with the 1.13 handle, as you can see, had little to offer yesterday. Heading into the closing stages of the day, buyers and sellers went head-to-head off 1.1350 and the upper parapet of the recently submerged supply zone (now representing demand). Above 1.1350, buyers will have 1.14 on the hit list.
Structures of Interest:
Monthly supply at 1.1857/1.1352 coming into force, along with daily structure still having a hand in this fight and H4 price displaying signs of possible weakness from stacked supply between 1.1368/1.1338 and 1.1360/1.1316, could instigate a pop lower today.
As such, H1 players may look to get involved sub 1.13.
Monthly timeframe:
(Technical change on this timeframe is often limited though serves as guidance to potential longer-term moves)
March, evident from the monthly chart, left behind a long-legged doji indecision candle, with its extremes crossing paths with heavyweight supply at 1.1857/1.1352 (intersects with a long-term trendline resistance [1.6038]) and demand at 1.0488/1.0912.
April spent the best part of the month feasting on the top edge of 1.0488/1.0912, squeezing out a Japanese hammer candlestick pattern, typically viewed as a bullish reversal signal. May, as you can see, recovered off worst levels and wrapped up a few pips shy of monthly highs, with June recently reconnecting with the lower ledge of 1.1857/1.1352.
With reference to the primary trend, price has exhibited clear lower peaks and troughs since 2008.
Daily timeframe:
Inspired on the back of broad-based USD selling pressure, EUR/USD notched up its eighth successive daily gain Thursday.
In favour of monthly supply at 1.1857/1.1352, daily submerged supply at 1.1323/1.1268. Technicians will also note this area united with trendline resistance (1.0879), a 127.2% Fib ext. level at 1.1286 and 78.6% Fib ret level from 1.1310.
The RSI indicator also extended into overbought terrain yesterday, currently testing 77.30.
H4 timeframe:
Leaving demand at 1.1189/1.1158 (prior supply) unchallenged by a hair yesterday, the upward lift powered into stacked supply between 1.1368/1.1338 and 1.1360/1.1316.
Candlestick traders may also find use in noting the current candle appears poised to close by way of a Japanese shooting star pattern, generally considered a bearish signal at peaks.
H1 timeframe:
Heading into US trade Thursday, a dip to lows at 1.1216 occurred, missing a particularly interesting area of demand at 1.1199/1.1212 by a handful of pips before rotating to the upside.
Supply at 1.1322/1.1286, extended from mid-March, along with the 1.13 handle, as you can see, had little to offer yesterday. Heading into the closing stages of the day, buyers and sellers went head-to-head off 1.1350 and the upper parapet of the recently submerged supply zone (now representing demand). Above 1.1350, buyers will have 1.14 on the hit list.
Structures of Interest:
Monthly supply at 1.1857/1.1352 coming into force, along with daily structure still having a hand in this fight and H4 price displaying signs of possible weakness from stacked supply between 1.1368/1.1338 and 1.1360/1.1316, could instigate a pop lower today.
As such, H1 players may look to get involved sub 1.13.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.