• 4hr taken from the low 1.0461.
• The daily swap level 1.0820.
• Weekly demand seen at 1.0519-1.0798.
• Round-number support seen a little lower at 1.0800.
For those who read our previous analysis on this pair, you may recall that we planned to enter long at the above said 4hr support should lower timeframe confirmation be seen. Fortunately, we managed to spot an entry to get in long at 1.0858 on the 15 minute timeframe just before the U.S open. Our stop is now at breakeven.
Our ultimate target for this trade is the large round number 1.1000, which if you look across to the , you’ll see it lines up beautifully with a daily supply area at 1.1083-1.1006. However, before price reaches 1.1000, we’re expecting the market to trickle south today from 1.0964 and retest 1.0900 as support (as per the black arrows). This could, if lower timeframe buying confirmation is seen, make for a nice a level to add to our current position.
Levels to watch/live orders:
• Buys: 1.0858 (Stop loss: Breakeven) 1.0900 (Stop loss: dependent on where one confirms this level).
• Sells: Flat (Stop loss: N/A).