Looking for possible shorts on the EUR...
The EUR/USD, as you can see, recently ran through multiple H4 tech resistances amid a generally well-bid EUR and a beaten US dollar. With 1.07 now out of the picture, the next area of interest falls in around 1.0773-1.0751: a supply zone that sits in between a mid-level resistance at 1.0750/161.8% Fib extension at 1.0743 (drawn from the low 1.0569) and a 61.8% Fib resistance at 1.0777 (taken from the high 1.0905).
Yesterday’s advance also managed to brush through the resistance area seen over on the daily chart at 1.0714-1.0683. This move, according to our technicals, has potentially opened the path north up to resistance at 1.0772, which happens to sit within the upper limits of the said H4 supply.
Our suggestions: The above points all suggest that the single currency may find resistance within our green area drawn on the H4 chart fixed at 1.0777/1.0743. Seeing as how the area is rather large and the weekly chart shows room to appreciate beyond the H4 sell zone, however, we will wait for a reasonably sized H4 bearish candle to print within before looking to sell.
Data points to consider: No high-impacting events.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.0777/1.0743 (waiting for a reasonably sized H4 bear candle to form before pulling the trigger is advised, stop loss: ideally beyond the candle’s wick).
Yesterday’s advance also managed to brush through the resistance area seen over on the daily chart at 1.0714-1.0683. This move, according to our technicals, has potentially opened the path north up to resistance at 1.0772, which happens to sit within the upper limits of the said H4 supply.
Our suggestions: The above points all suggest that the single currency may find resistance within our green area drawn on the H4 chart fixed at 1.0777/1.0743. Seeing as how the area is rather large and the weekly chart shows room to appreciate beyond the H4 sell zone, however, we will wait for a reasonably sized H4 bearish candle to print within before looking to sell.
Data points to consider: No high-impacting events.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.0777/1.0743 (waiting for a reasonably sized H4 bear candle to form before pulling the trigger is advised, stop loss: ideally beyond the candle’s wick).
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