So, technically, there was not much action seen on the EUR pair during trade yesterday. Offers came in around the 1.1280 mark, reaching lows of 1.1211 on the day. As such, with price still lurking around supply on both the weekly and daily timeframes (1.1532-1.1278/1.1329-1.1269) at the moment, what’s likely in store for this market today?
Well, above current price we see a mine field of buy stops (liquidity) just begging to be taken out. The red arrows mark clear resistance points which the big boys, in our opinion, are looking to consume. We still have a pending sell order placed (1.13465) just below the next fresh supply zone above these stops at 1.1366-1.1349. However, before price reaches our sell zone, the EUR effectively needs to rally into the aforementioned higher timeframe supplies! With this, we’re taking a ‘wait and see’ approach today, as even though we’re hoping to see a strong rally, our team has no interest in buying. We’d rather let the market come to us!
Of course, if one cannot wait and wants to risk buying into higher timeframe supply, potential buy zones come in at the following areas:
1. Psychological support 1.1200 (converges with ascending channel support at ).
2. Demand just below 1.1200 at 1.1171-1.1190 which may be used to fake 1.1200.
Levels to watch/live orders:
• Buys: 1.1200 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) 1.1171-1.1190 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: 1.13465 (Stop loss: 1.13717).
Well, above current price we see a mine field of buy stops (liquidity) just begging to be taken out. The red arrows mark clear resistance points which the big boys, in our opinion, are looking to consume. We still have a pending sell order placed (1.13465) just below the next fresh supply zone above these stops at 1.1366-1.1349. However, before price reaches our sell zone, the EUR effectively needs to rally into the aforementioned higher timeframe supplies! With this, we’re taking a ‘wait and see’ approach today, as even though we’re hoping to see a strong rally, our team has no interest in buying. We’d rather let the market come to us!
Of course, if one cannot wait and wants to risk buying into higher timeframe supply, potential buy zones come in at the following areas:
1. Psychological support 1.1200 (converges with ascending channel support at ).
2. Demand just below 1.1200 at 1.1171-1.1190 which may be used to fake 1.1200.
Levels to watch/live orders:
• Buys: 1.1200 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) 1.1171-1.1190 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: 1.13465 (Stop loss: 1.13717).
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