We’re now going to let the rest of the remaining position run free, as we currently see a potential D-leg of a small pattern in the process of forming, completing nicely at the 1.0800 figure (see black arrows). In regards to shorting this formation, we would advise caution and only trade here with lower timeframe confirming price action. Reason being is there will likely be a fakeout seen up to the broken Quasimodo line at 1.0819, before any sell-off takes place.
Concerning the current situation though, there’s agreement for higher prices being seen across the board regarding higher timeframe structures. Not only is price trading within a weekly range demand at 1.0519-1.0798, but it is also responding nicely to daily demand at coming in at 1.0658-1.0722 (sits within the above said weekly range demand and also coincides nicely with a alternate pattern at 1.0697).
Levels to watch/live orders:
• Buys: 1.06852 LIVE (Stop loss: breakeven).
• Sells: Possible sell trade around the 1.0800 region (confirmation required) (Stop loss: dependent on where one confirms this level).