EURUSD Daily Technical Outlook and Review 25th June

Again, very similar on the 4hr to the last analysis, price has not changed much except for the buyers seen breaking through the round number 1.36000 to the upside.

A small ascending triangle has formed with price breaking out north, price will likely retest this triangle before a rally higher in price is seen where there is little to the left stopping buyers from hitting minor resistance at 1.36666 above.

Price still remains capped between demand below at 1.35036-1.35312 and supply above at 1.36666 (minor resistance). A break above this supply could see price testing oncoming supply at 1.37235-1.37005; conversely, if price breaks the demand area (levels above) below, price could very well hit demand at 1.33995-1.34298.

Pending/P.A confirmation orders:

  • Pending buy orders (Green line) are seen around demand (1.33995-1.34298) at 1.34368.  This demand area will more than likely see some sort of reaction due to its location seen to the left.
  • No P.A confirmation buy orders (Red line) are seen in the current market environment.
  • Pending sell orders (Green line) seen at 1.36955 just below supply at 1.37235-1.37005 are set here since this level remains untouched, meaning unfilled orders are likely still set around this area.
  • P.A confirmation sell orders (Red line) are visible below the minor resistance 1.36666 at 1.36625, this level has proved valid in the past, but still needs to be confirmed due to a spike/wick (circled) seen above resistance, which may have consumed most of the sellers originally there.Do be on your guard with the sell orders above; the higher-timeframes are currently indicating that higher prices may be seen this week (Weekly demand: 1.34770-1.36771 Daily demand: 1.34770-1.35557).


Quick Recap:

Price is still currently capped between demand at 1.35036-1.35312 and (supply) minor resistance above at 1.36666. Price has formed a small ascending triangle with a break north being seen, which will likely push prices higher to at least the minor resistance (1.36666) level, where we currently have a P.A confirmation sell order set at 1.36625.

  • Areas to watch for buy orders: P.O: 1.34368 (SL: 1.33926 TP: Dependent on how price action approaches the zone) P.A.C: No P.A confirmation orders seen in the current market environment.
  • Areas to watch for sell orders: P.O: 1.36955 (SL: 1.37270 TP: [1] 1.36666 [2] 1.36000) P.A.C:1.36625 (SL: 1.36810 TP: Dependent on where price ‘confirms’ the level).
For the readers’ benefit:

Price action confirmation: simply means traders will likely wait for price action to confirm a level by consuming the opposing supply or demand area, then entering a trade on a possible retracement, this may occur on the lower timeframes also.

Pending orders: means pending orders are likely seen.



Source: Wednesday 25th June: Daily Technical outlook and review.


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