Stepping down into the pits of the H4, nevertheless, it is clear to see that price sold off from resistance at 0.7242-0.7249 going into the American session yesterday. Considering the higher-timeframe picture (see above), momentum is, at least in our estimation, to the upside for now. Therefore, for this expectation to hold, H4 demand at 0.7171-0.7146 should stand firm, and at the same time potentially provide a nice floor in which to buy from. Be that as it may, the NFP release is just around the corner and technicals are usually put to one side during this time, so we would only consider trading this barrier long if and only if lower timeframe confirmation was seen pre/post NFP. Should this trade come to fruition, first take-profit target (for us) would be the above said H4 , followed by the underside of daily supply mentioned above at 0.7283.
Levels to watch/live orders:
• Buys: 0.7171-0.7146 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).