Some ideas for the EUR...
Weekly gain/loss: + 122 pips
Weekly closing price: 1.0724
Downside momentum diminished last week as weekly buyers actively defended 1.0493-1.0605: a demand area that’s beautifully positioned around the top edge of the 2017 yearly opening level at 1.0515/support zone at 1.0333-1.0502. Looking above, the next areas to keep an eyeball on this week are resistance at 1.0819 and the 2016 yearly opening level at 1.0873.
On Thursday, we saw daily price chalk up a selling wick off the underside of resistance planted at 1.0772. Some follow-through action was generated on Friday but was not sufficient enough to overcome the nearby support area seen at 1.0714-1.0683. In the event of a break above the current resistance this week, the next upside angle comes in at 1.0850 (another resistance), whereas a violation of the current support area could find the pair looking to test demand pegged at 1.0525-1.0576.
A brief look at recent dealings on the H4 chart shows the 1.07 handle suffered a rather brutal whipsaw going into Friday’s US segment. Despite this, the major ended the day relatively unchanged, closing mid-range between the mid-level resistance at 1.0750 and 1.07.
Our suggestions: Thursday’s response to the H4 61.8% Fib resistance (upper green line) at 1.0777 (taken from the high 1.0905) is interesting, given that it’s bolstered by the noted daily resistance at 1.0772. Therefore, this region is a zone we’ll be watching today for potential shorts. Below 1.07, nevertheless, we have a H4 support area sitting at 1.0677-1.0665 that fuses with a H4 61.8% Fib support at 1.0669. Furthermore, this zone is located just below the current daily support area, so a bounce from here is a possibility. However, traders may want to take into account that April’s opening level at 1.0659 is waiting just below this, so be prepared for a possible fakeout!
The opening and early trading will, however, likely be dependent on the outcome of the French Presidential Election. Therefore, we’d advise trading cautiously, at least until the dust settles.
Data points to consider: German IFO business climate at 9am. FOMC member Kashkari speaks at 4.30 and again at 8.30pm GMT+1.
Weekly closing price: 1.0724
Downside momentum diminished last week as weekly buyers actively defended 1.0493-1.0605: a demand area that’s beautifully positioned around the top edge of the 2017 yearly opening level at 1.0515/support zone at 1.0333-1.0502. Looking above, the next areas to keep an eyeball on this week are resistance at 1.0819 and the 2016 yearly opening level at 1.0873.
On Thursday, we saw daily price chalk up a selling wick off the underside of resistance planted at 1.0772. Some follow-through action was generated on Friday but was not sufficient enough to overcome the nearby support area seen at 1.0714-1.0683. In the event of a break above the current resistance this week, the next upside angle comes in at 1.0850 (another resistance), whereas a violation of the current support area could find the pair looking to test demand pegged at 1.0525-1.0576.
A brief look at recent dealings on the H4 chart shows the 1.07 handle suffered a rather brutal whipsaw going into Friday’s US segment. Despite this, the major ended the day relatively unchanged, closing mid-range between the mid-level resistance at 1.0750 and 1.07.
Our suggestions: Thursday’s response to the H4 61.8% Fib resistance (upper green line) at 1.0777 (taken from the high 1.0905) is interesting, given that it’s bolstered by the noted daily resistance at 1.0772. Therefore, this region is a zone we’ll be watching today for potential shorts. Below 1.07, nevertheless, we have a H4 support area sitting at 1.0677-1.0665 that fuses with a H4 61.8% Fib support at 1.0669. Furthermore, this zone is located just below the current daily support area, so a bounce from here is a possibility. However, traders may want to take into account that April’s opening level at 1.0659 is waiting just below this, so be prepared for a possible fakeout!
The opening and early trading will, however, likely be dependent on the outcome of the French Presidential Election. Therefore, we’d advise trading cautiously, at least until the dust settles.
Data points to consider: German IFO business climate at 9am. FOMC member Kashkari speaks at 4.30 and again at 8.30pm GMT+1.
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