Pending buy order set at 1.1681...
The single currency sustained further losses on Wednesday, consequently forcing price through the H4 mid-level support at 1.1750 and on to a session low of 1.1717. As of current price, the H4 candles have established resistance around the underside of 1.1750 and may look to approach the 1.17 handle today, followed closely by a Quasimodo support registered at 1.1681 (not seen on the screen).
Sweeping over to the weekly timeframe, we can see that recent selling has brought the unit deep into demand planted at 1.1662-1.1814. Meanwhile, down on the daily timeframe price concluded yesterday’s segment marginally breaching demand pegged at 1.1739-1.1823. By and of itself, this move has likely filled a truckload of stop-loss orders and potentially cleared the pathway south down to another demand penciled in at 1.1612-1.1684.
Suggestions: In view of the above notes, we have our eye on the H4 Quasimodo support level mentioned above at 1.1681 for longs today. Here’s why:
• Stop-loss orders below the 1.17 handle will help provide liquidity for bigger traders to buy.
• The H4 Quasimodo aligns beautifully with the top edge of oncoming daily demand at 1.1684.
• The H4 level is also seen lurking within the lower limits of the aforesaid weekly demand.
The desk has a placed a pending buy order at 1.1681 with a stop positioned below the lower edge of the said weekly demand at 1.1660.
Data points to consider: German Prelim CPI m/m; Spanish Flash CPI y/y at 8am. US GDP q/q and US Unemployment claims at 1.30pm, followed by FOMC member Fischer speaking at 3.15pm GMT+1.
Sweeping over to the weekly timeframe, we can see that recent selling has brought the unit deep into demand planted at 1.1662-1.1814. Meanwhile, down on the daily timeframe price concluded yesterday’s segment marginally breaching demand pegged at 1.1739-1.1823. By and of itself, this move has likely filled a truckload of stop-loss orders and potentially cleared the pathway south down to another demand penciled in at 1.1612-1.1684.
Suggestions: In view of the above notes, we have our eye on the H4 Quasimodo support level mentioned above at 1.1681 for longs today. Here’s why:
• Stop-loss orders below the 1.17 handle will help provide liquidity for bigger traders to buy.
• The H4 Quasimodo aligns beautifully with the top edge of oncoming daily demand at 1.1684.
• The H4 level is also seen lurking within the lower limits of the aforesaid weekly demand.
The desk has a placed a pending buy order at 1.1681 with a stop positioned below the lower edge of the said weekly demand at 1.1660.
Data points to consider: German Prelim CPI m/m; Spanish Flash CPI y/y at 8am. US GDP q/q and US Unemployment claims at 1.30pm, followed by FOMC member Fischer speaking at 3.15pm GMT+1.
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