Over on the H4 chart, we can see that the pair dove lower from H4 supply at 0.7544-0.7534, consequently closing the day around 0.7477. Right now, the only area that tickles our fancy is the 0.74 handle. It merges beautifully with a H4 Fib support line at 0.7407 and also a H4 channel support line extended from the low 0.7148 (green circle). This area also sits within the above said weekly demand and just below the current daily demand.
Our suggestions: We would, given the confluence seen around 0.74, usually look to enter at market from here. However, given that is likely to increase later on today as the NFP takes the stage, we would only consider this buy area valid with the backing of a lower timeframe buy signal. This could be in the form of an engulf through supply followed by a retest, a break/retest or simply a collection of well-define buying tails around the 0.74 region. Stops are usually placed 5-10 pips beyond confirming structures.