ICmarkets

Thoughts on the euro this morning...

FX:EURUSD   Euro / U.S. Dollar
The single currency is seen trading with a reasonably strong bias to the upside this morning, which resulted in daily price chalking up a near-full-bodied bull candle on Thursday.

The H4 candles, as you can see, conquered August’s opening level at 1.1830 yesterday and shortly after retested the line as support. According to H4/daily structure, the pair now finds itself in front of daily resistance at 1.1878. Boasting a strong history (see daily timeframe ), this level could potentially hamper further upside should the unit connect with this barrier today. The flip side to this, of course, is the weekly timeframe . For three weeks, the euro has been reasonably well-bid from support coming in at 1.1714, and shows room for the buyers to push as far north as resistance at 1.2044.

Suggestions: At current prices, neither a long nor short seems attractive.

Here’s why:

A long in this market, although in-line with weekly flow, would have you go against possible selling from daily resistance mentioned above 1.1878. Along similar lines, selling this market would be a reasonable opinion according to daily structure, but this would simultaneously place one in direct conflict with weekly buyers!

We just don’t feel the need to risk funds when the higher timeframes display a clear conflict of opinion.
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