Looking to the H4 chart, nevertheless, we can see that price has now tested bids at H4 demand taken from 0.7040-0.7053. If it was not for the above said daily lurking just below here we would look to trade this demand. Risking money at this zone, however, with such a huge level looming below is not something we’d label high probability – a fakeout is highly likely.
Given the above, our focus today will be on the 0.7035 hurdle. Blindly trading this level (setting a pending buy order) might not be the best path to take (even though it’s bolstered by weekly demand at 0.6935-0.7046) due to the sheer velocity of selling being seen at present. That being the case, we have placed an alert at this daily barrier, once/if triggered, we’ll then being looking for lower timeframe buy entries into this market.