In view of price currently trading at a noteworthy psychological number right now, would we consider the 1.0900 figure a stable enough platform to buy from today? Well, the weekly chart shows price still has room to depreciate further within its current range down to demand at 1.0519-1.0798. Daily action, on the other hand, shows price crossing swords with demand at 1.0846-1.0903, which converges with a nice-looking pattern at 1.0869.
Therefore, to answer our question above in bold, we would consider this a stable enough level to look for buys today. That said, we would not be comfortable entering long at market here. There would have to be some form of lower timeframe buying confirmation seen, preferably from either the 30/60 minute timeframes before we’d consider risking capital on this idea. Should the above come to fruition, our immediate take-profit area falls in at 1.0973 – a support-turned resistance line.