Watching for price to test and fakeout beneath 1.17 for a long.
The euro, as you can see, opened the week lower against its US counterpart, consequently placing H4 price beneath the 1.18 handle. The bearish pulse continued to beat throughout the day, eventually wiping out bids around the mid-level support at 1.1750 on stronger-than-expected US ISM manufacturing data.
With 1.1750 engulfed, the 1.17 handle, followed closely by a H4 Quasimodo support at 1.1681, is likely next on tap. Over on the bigger picture, however, weekly price remains trading within the walls of demand at 1.1662-1.1814. Meanwhile, daily action shows the unit confronting the lower edge of demand coming in at 1.1739-1.1823, which could indicate that the pair may be eyeing demand seen below at 1.1612-1.1684.
Suggestions: Watch for H4 price to test 1.17 today and look for the fakeout down to the nearby H4 Quasimodo support level at 1.1681. Psychological numbers are typically prone to fakeouts due to the amount of orders that these levels attract. This – coupled with the fact that the Quasimodo is also positioned around the top edge of daily demand mentioned above at 1.1612-1.1684 and located within the lower limits of the said weekly demand, makes this is a high-probability buy, in our opinion.
Data points to consider: FOMC member Powell speaks at 1.30pm GMT+1.
Levels to watch/live orders:
• Buys: Watch for H4 price to fake through 1.17 and attack H4 Quasimodo support at 1.1681 (waiting for a H4 bullish pin-bar to form here is advised, stop loss: either beyond the fakeout candle’s tail or beneath the lower edge of weekly demand at 1.1660).
• Sells: Flat (stop loss: N/A).
With 1.1750 engulfed, the 1.17 handle, followed closely by a H4 Quasimodo support at 1.1681, is likely next on tap. Over on the bigger picture, however, weekly price remains trading within the walls of demand at 1.1662-1.1814. Meanwhile, daily action shows the unit confronting the lower edge of demand coming in at 1.1739-1.1823, which could indicate that the pair may be eyeing demand seen below at 1.1612-1.1684.
Suggestions: Watch for H4 price to test 1.17 today and look for the fakeout down to the nearby H4 Quasimodo support level at 1.1681. Psychological numbers are typically prone to fakeouts due to the amount of orders that these levels attract. This – coupled with the fact that the Quasimodo is also positioned around the top edge of daily demand mentioned above at 1.1612-1.1684 and located within the lower limits of the said weekly demand, makes this is a high-probability buy, in our opinion.
Data points to consider: FOMC member Powell speaks at 1.30pm GMT+1.
Levels to watch/live orders:
• Buys: Watch for H4 price to fake through 1.17 and attack H4 Quasimodo support at 1.1681 (waiting for a H4 bullish pin-bar to form here is advised, stop loss: either beyond the fakeout candle’s tail or beneath the lower edge of weekly demand at 1.1660).
• Sells: Flat (stop loss: N/A).
כתב ויתור
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