ICmarkets

Feeling a somewhat flat vibe in this market right now.

FX:EURUSD   Fx Euro/Dolar U.S
Weekly gain/loss: +1.08%
Weekly closing price: 1.1787

Over the course of last week’s trading, the single currency extended its bounce from weekly support at 1.1616. This, as you can see, lifted weekly price up to a supply base coming in at 1.1880-1.1777, which has so far held ground. A violation of this area, however, would likely bring the weekly resistance level seen at 1.2044 into the spotlight. Don’t underestimate this barrier, as it has a solid history behind it!

Moving ourselves down to the daily timeframe , we can see that price came within touching distance of a resistance level plotted at 1.1878 on Wednesday and managed to chalk up a nice-looking selling wick. Be that as it may, this move was (and still is) somewhat marred by the fact that there is a nearby cloned trendline support taken from the high 1.2092.

A quick recap of Friday’s action on the H4 timeframe shows that the unit peaked at a high of 1.1821 during the early hours of trading. Following this, price cracked through bids at 1.18 and challenged October’s opening level at 1.1788, which held firm despite multiple attempts to break lower. As 1.18 also proved a worthy resistance, the euro             ended the week revisiting October’s opening level.

Suggestions: Looking for longs above 1.18 would, in our technical view, be considered a risky play given the fact that this would entail buying into a weekly supply. Along similar lines, a violation of October’s opening level is also problematic for sellers. Besides having to contend with the nearby H4 trendline support extended from the high 1.1875, the candles would also be clashing with the aforementioned daily trendline supports!

All things considered, this is a relatively restricted market at the moment. For that reason, opting to stand on the sidelines may very well be the best path to take today.

Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
I see Euro going back around 1.1730 - 1.1700 about.
Balas
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Pengimbas Saham Pengimbas Forex Pengimbas Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar