Despite yesterday’s attack, the technical picture remains . Over on the weekly chart, supply at 1.1533-1.1278 has once again been brought into the picture. This area has held this market lower since May 2015 so it is not a zone to take lightly! Down on the , price is seen trading within shouting distance of supply coming in at 1.1385-1.1332 (glued within the aforementioned weekly supply).
With the above points in mind, battle lines going into today’s sessions are as follows:
• The 1.1300 figure. This level, considering it sits within the above said weekly supply, may be line to trade from today. Nevertheless, we would highly recommend only entering short from here alongside lower timeframe confirmation due to the showing room to advance to supply at 1.1385-1.1332.
• The H4 Quasimodo resistance line at 1.1338 together with the H4 mid-level barrier above at 1.1350. Both hurdles sit beautifully within the noted weekly and daily supplies, and taking into account the reaction seen from the H4 Quasimodo barrier on the 17th March, this is certainly an area to keep an eyeball on for sell trades!!!
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.1300 Tentative – confirmation required (Stop loss: dependent on where one confirms this level). 1.1338/1.1350 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).