Ultimately, given the above points, downside movement is favored for the time being! On that account, should a retest of the current H4 resistance and its neighboring daily resistance at 1.1460 be seen (green circle), our team will begin hunting for lower timeframe (confirmed) shorts, targeting the 1.1400 handle as our first take-profit zone. Confirmation could be in the form of either an engulf of demand and subsequent retest, a break/retest of a or simply a collection of selling wicks around a lower-timeframe resistance hurdle. We search for lower timeframe confirmation between the M15 the H1 timeframes, since most of our higher timeframe areas begin with the H4. Stops usually placed 5-10 pips beyond your confirming structures.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1.1460/1.1447 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).