1. Encapsulates the daily swap level 1.0820.
2. The lower limit of our pattern has been expanded slightly to include the 1.0800 round number which also represents the top-side of a weekly demand area at 1.0519-1.0798.
3. 4hr convergence from the low 1.0461.
4. value 1.272%.
However, seeing as how it is the last trading day of the week, and rumors could still flood the wire regarding Greece, we are not going to place a pending buy order at the base even though we think a bounce at the very least will be seen. Instead, we’re going to patiently watch lower timeframe price action once/if price reaches our area, and only enter should buying strength be seen.
Levels to watch/live orders:
• Buys: 1.0847/1.0800 (Stop loss: 1.0785).
• Sells: Flat (Stop loss: N/A).