1.23 region a likely candidate for shorts...
Across the board, the US dollar rose higher against the majority of its trading peers (currently trading at 90.26 on the US dollar index) on Wednesday, consequently placing the single currency under pressure. The euro, as you can see, engulfed both a H4 channel support extended from the low 1.2336 and a psychological support at 1.23, finishing the day at lows of 1.2246.
Meanwhile, over on the bigger picture we can see that weekly sellers are making their presence felt from weekly supply marked at 1.2569-1.2287. Continued selling from this point could lead to an attempt to invade the weekly support at 1.2044, followed closely by the 2018 yearly opening line at 1.2004. On the other side of the coin, however, we have daily price currently shaking hands with the top edge of a daily support area printed at 1.2246-1.2164.
Potential trading zones:
Bids from the top edge of the daily support area will likely pull the unit back up to the underside of the 1.23 region today. Given the number fuses with a nearby H4 channel support-turned resistance, along with weekly price trading from weekly supply, a short from this area could be something to consider. Target objectives are local H4 support circled in green around the 1.2220ish region, shadowed closely by the H4 support level at 1.2195 (both H4 levels are located within the aforementioned daily support area – weekly selling pressure will likely override this).
Data points to consider: German Buba President Weidmann speaks at 8.45am; US unemployment claims at 1.30pm GMT.
Meanwhile, over on the bigger picture we can see that weekly sellers are making their presence felt from weekly supply marked at 1.2569-1.2287. Continued selling from this point could lead to an attempt to invade the weekly support at 1.2044, followed closely by the 2018 yearly opening line at 1.2004. On the other side of the coin, however, we have daily price currently shaking hands with the top edge of a daily support area printed at 1.2246-1.2164.
Potential trading zones:
Bids from the top edge of the daily support area will likely pull the unit back up to the underside of the 1.23 region today. Given the number fuses with a nearby H4 channel support-turned resistance, along with weekly price trading from weekly supply, a short from this area could be something to consider. Target objectives are local H4 support circled in green around the 1.2220ish region, shadowed closely by the H4 support level at 1.2195 (both H4 levels are located within the aforementioned daily support area – weekly selling pressure will likely override this).
Data points to consider: German Buba President Weidmann speaks at 8.45am; US unemployment claims at 1.30pm GMT.
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