EUR/USD: Price is currently showing buying weakness.
Weekly TF.
The weekly timeframe shows the sellers were undoubtedly in control for most last week. A hard full-bodied bearish candle was seen plummeting into the weekly demand area at 1.32940-1.34847. On this timeframe we could certainly see more selling before any buyers begin to show interest. We will be watching watching the 1.33660 level very carefully this week, as this is where buyers may likely be lurking. If this area does indeed see a break, there is very little we can see stopping price from hitting the third and final weekly demand area (stacked demand) at 1.31037-1.32262.
Daily TF.
It was reported in Friday’s analysis a test of daily demand at 1.33984-1.34397 was seen. Price had traded between the aforementioned area and the previous daily demand which is now a D/S flip area at 1.34760-1.35265. If we see a break south of the daily demand area (levels above), prices may be forced to test our area of interest below at 1.33559.
4hr TF.
Granted we are in higher-timeframe demand (Weekly: 1.32940-1.34847 Daily: 1.33984-1.34397), but it appears at the time of writing the buyers are showing very little interest. On the 4hr timeframe, if we see a break below the 4hr demand area at 1.33984-1.34404 and the round number 1.34, price could drop, and drop hard. Take a look to the far left under the aforementioned 4hr demand area, we see consumed demand, the spikes down were no doubt sent to consume buyers on the initial rally north, and this means the path south is now very likely clear.
The only area we can see that has likely fresh buy orders waiting is around 4hr demand below at 1.31037-1.31278. Remember our higher-timeframe analysis? This small 4hr demand area is located in a whopping weekly demand area at 1.31037-1.32262 and also within daily demand at 1.31037-1.31755, so do note this 4hr demand area down, as we may see a huge bullish reaction here sometime soon.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (1.33984-1.34404) at 1.34434 was active, our first take-profit level was hit at 1.34760, and we closed the trade. The reasons for this are because it was late Friday, and price has yet got room to drop even more, so it was just not worth the risk.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below the 4hr decision-point area (1.35714-1.35609) at 1.35596 has been removed. For the time being price has dropped too far from the entry level.
• Pending sell orders (Green line) are seen just below a decision-point area (1.35286-1.35211) at 1.35194, as we believe this area to be good for a bounce at the very least, notice how this was the area pro money sellers likely made the decision to break the round number 1.35000, meaning there may very well be unfilled sell orders still there.
• New pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into 4hr demand at 1.33984-1.34404, meaning there may well be unfilled sell orders still lurking there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 1.35194 (SL: 1.35319 TP: Dependent on price action approach) 1.35596 (SL: 1.35768 TP: Dependent on price approach) 1.34753 (SL: 1.35031 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
The weekly timeframe shows the sellers were undoubtedly in control for most last week. A hard full-bodied bearish candle was seen plummeting into the weekly demand area at 1.32940-1.34847. On this timeframe we could certainly see more selling before any buyers begin to show interest. We will be watching watching the 1.33660 level very carefully this week, as this is where buyers may likely be lurking. If this area does indeed see a break, there is very little we can see stopping price from hitting the third and final weekly demand area (stacked demand) at 1.31037-1.32262.
Daily TF.
It was reported in Friday’s analysis a test of daily demand at 1.33984-1.34397 was seen. Price had traded between the aforementioned area and the previous daily demand which is now a D/S flip area at 1.34760-1.35265. If we see a break south of the daily demand area (levels above), prices may be forced to test our area of interest below at 1.33559.
4hr TF.
Granted we are in higher-timeframe demand (Weekly: 1.32940-1.34847 Daily: 1.33984-1.34397), but it appears at the time of writing the buyers are showing very little interest. On the 4hr timeframe, if we see a break below the 4hr demand area at 1.33984-1.34404 and the round number 1.34, price could drop, and drop hard. Take a look to the far left under the aforementioned 4hr demand area, we see consumed demand, the spikes down were no doubt sent to consume buyers on the initial rally north, and this means the path south is now very likely clear.
The only area we can see that has likely fresh buy orders waiting is around 4hr demand below at 1.31037-1.31278. Remember our higher-timeframe analysis? This small 4hr demand area is located in a whopping weekly demand area at 1.31037-1.32262 and also within daily demand at 1.31037-1.31755, so do note this 4hr demand area down, as we may see a huge bullish reaction here sometime soon.
Pending/P.A confirmation orders:
• The pending buy order (Green line) set just above demand (1.33984-1.34404) at 1.34434 was active, our first take-profit level was hit at 1.34760, and we closed the trade. The reasons for this are because it was late Friday, and price has yet got room to drop even more, so it was just not worth the risk.
• No P.A confirmation buy orders (Red line) are seen in the current market environment.
• The pending sell order (Green line) set just below the 4hr decision-point area (1.35714-1.35609) at 1.35596 has been removed. For the time being price has dropped too far from the entry level.
• Pending sell orders (Green line) are seen just below a decision-point area (1.35286-1.35211) at 1.35194, as we believe this area to be good for a bounce at the very least, notice how this was the area pro money sellers likely made the decision to break the round number 1.35000, meaning there may very well be unfilled sell orders still there.
• New pending sell orders (Green line) are seen just below the D/S flip area (1.34760-1.34943) at 1.34753.The reasoning behind setting a pending sell order here was because this is the area we believe on this timeframe pro money sellers made the decision to push prices south into 4hr demand at 1.33984-1.34404, meaning there may well be unfilled sell orders still lurking there.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy orders are seen in the current market environment.
• Areas to watch for sell orders: P.O: 1.35194 (SL: 1.35319 TP: Dependent on price action approach) 1.35596 (SL: 1.35768 TP: Dependent on price approach) 1.34753 (SL: 1.35031 TP: Dependent on price approach). P.A.C: No P.A confirmation sell orders are seen in the current market environment.
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