Well, above current price we see a mine field of buy stops (liquidity) just begging to be taken out. The red arrows mark clear resistance points which the big boys, in our opinion, are looking to consume. We still have a pending sell order placed (1.13465) just below the next fresh above these stops at 1.1366-1.1349. However, before price reaches our sell zone, the EUR effectively needs to rally into the aforementioned higher timeframe supplies! With this, we’re taking a ‘wait and see’ approach today, as even though we’re hoping to see a strong rally, our team has no interest in buying. We’d rather let the market come to us!
Of course, if one cannot wait and wants to risk buying into higher timeframe supply, potential buy zones come in at the following areas:
1. Psychological support 1.1200 (converges with support at ).
2. Demand just below 1.1200 at 1.1171-1.1190 which may be used to fake 1.1200.
Levels to watch/live orders:
• Buys: 1.1200 Tentative – confirmation required (Stop loss: dependent on where one confirms this level) 1.1171-1.1190 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: 1.13465 (Stop loss: 1.13717).