High-probability long trade from the 0.95 region

Coming in from the weekly chart this morning, the Swissy is currently lurking fifty or so pips ahead of a major weekly support level coming in at 0.9508, which merges with a weekly trendline support extended from the low 0.8703. Sliding down into the daily chart, daily support at 0.9584 was recently wiped out (now acting resistance), potentially opening up the path south for further downside to a daily Quasimodo support drawn from 0.9498 (sits just below the aforementioned weekly support level). Nevertheless, as we hope is demonstrated on the daily chart, price is finding support around the tip of a daily AB=CD completion point taken from the high 0.9950. This does not, however, mean price will not stretch down to test the daily Quasimodo support barrier.

Our suggestions: In regard to the recent selling seen on this pair, the unit is now retesting the underside of a H4 mid-way resistance level at 0.9550. Should this number hold as resistance, it’s likely we’ll see a touch of the 0.95 handle going into today’s more liquid sessions, which, given the higher –timeframe structures listed above in bold, would be a fantastic level to buy from at market with a stop set below the daily Quasimodo apex at 0.9440.

Seeing as we are currently short the EUR/USD, we’re secretly hoping that price breaks higher (allowing us to take some profit) before continuing south!