Pending sell order has (once again) been set at 1.1256
On the back of a Bloomberg headline reporting that the ECB was near consensus on need to taper QE before it concludes, the EUR aggressively catapulted itself north from H4 demand at 1.1131-1.1143 early on during yesterday’s US session. After connecting with the H4 trendline resistance extended from the high 1.1366, the single currency, as you can see, steadied around the 1.12 boundary going into the close.
Despite this flurry of buying and selling, we can see that price made little ground during the day, closing a mere 7 pips below yesterday’s close at 1.1208. What this move did do, nonetheless, was reinforce the daily support level at 1.1135 seen housed within the daily support area coming in at 1.1224-1.1072. As bullish as this may seem though, let’s not forget that the weekly candles remain trading around a major resistance area seen at 1.1533-1.1278, which has held this market lower since May 2015!
Our suggestions: Personally, we have no interest in buying this market unless a decisive break above the September 15th daily high at 1.1284 (red arrow) is seen. Even then though, we would be wary of buying due to the weekly resistance area currently in play.
Seeing as how price is now seen finding a foothold above the 1.12 mark right now, we once again find ourselves honing in on the H4 Quasimodo resistance level drawn from 1.1257. Not only does this level boast a converging H4 trendline resistance (1.1327) and H4 mid-way resistance at 1.1250, but the apex of this Quasimodo formation (1.1279) is bolstered by the underside of the aforementioned weekly resistance area! As such, a pending sell order has been placed at 1.1256, along with a stop set at 1.1281.
Despite this flurry of buying and selling, we can see that price made little ground during the day, closing a mere 7 pips below yesterday’s close at 1.1208. What this move did do, nonetheless, was reinforce the daily support level at 1.1135 seen housed within the daily support area coming in at 1.1224-1.1072. As bullish as this may seem though, let’s not forget that the weekly candles remain trading around a major resistance area seen at 1.1533-1.1278, which has held this market lower since May 2015!
Our suggestions: Personally, we have no interest in buying this market unless a decisive break above the September 15th daily high at 1.1284 (red arrow) is seen. Even then though, we would be wary of buying due to the weekly resistance area currently in play.
Seeing as how price is now seen finding a foothold above the 1.12 mark right now, we once again find ourselves honing in on the H4 Quasimodo resistance level drawn from 1.1257. Not only does this level boast a converging H4 trendline resistance (1.1327) and H4 mid-way resistance at 1.1250, but the apex of this Quasimodo formation (1.1279) is bolstered by the underside of the aforementioned weekly resistance area! As such, a pending sell order has been placed at 1.1256, along with a stop set at 1.1281.
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