We currently have our eye on 1.1171-1.1147 for shorts...
A conservative wave of buyers came into the market during Wednesday’s sessions from the 1.1000 region which pierced and eventually closed above the mid-level number 1.1050. This move, as you can see, has now very likely opened the gates for price to challenge the 1.1100/1.1111 area.
This small area of resistance does indeed look attractive, but with a fresh 4hr supply zone sitting just above it at 1.1171-1.1147, which not only encapsulates a daily swap level at 1.1148, but also converges with both a Fibonacci retracement value of 0.618% and the mid-level number resistance at 1.1150, this area is far more appealing to us today.
With that being said however, we will still need to see some sort of lower timeframe confirming signal at this 4hr supply zone before we consider risking capital to this idea. The reason for why simply comes from the ongoing Greek situation and the fact that we are seeing very little direction from the weekly timeframe at this point.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.1171-1.1147 (Stop loss: 1.1176).
This small area of resistance does indeed look attractive, but with a fresh 4hr supply zone sitting just above it at 1.1171-1.1147, which not only encapsulates a daily swap level at 1.1148, but also converges with both a Fibonacci retracement value of 0.618% and the mid-level number resistance at 1.1150, this area is far more appealing to us today.
With that being said however, we will still need to see some sort of lower timeframe confirming signal at this 4hr supply zone before we consider risking capital to this idea. The reason for why simply comes from the ongoing Greek situation and the fact that we are seeing very little direction from the weekly timeframe at this point.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.1171-1.1147 (Stop loss: 1.1176).
IC Markets is an online forex broker specialized in providing transparent trading solutions to both retail and institutional investors alike. We provide superior execution technology, lower spreads and unrivaled liquidity.