ICmarkets

Monday 7th July: EURUSD Weekly technical outlook and review.

FX:EURUSD   Euro / U.S. Dollar
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The weekly timeframe still shows buyers and sellers battling it out within weekly demand at 1.34760-1.36314, while on the daily timeframe price still remains capped between daily demand at 1.34760-1.35265 and daily supply above at 1.37297-1.36879. The 4hr timeframe shows sellers broke the round number 1.36000 early Friday, with price being seen retesting it late Friday confirming it as temporary resistance. Price will likely see a push to the downside testing the low 1.35746, where a decision will need to be made! If we see a positive break below this low we could see price drop down to 4hr demand at 1.35018-1.35375 where we have a P.A confirmation buy order set at 1.35417.

Areas to watch for buy orders: After P.A.Confirmation: 1.35417 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).

Areas to watch for sell orders: After P.A.Confirmation: 1.36894 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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