In view of price now trading above the 1.1200 figure, we would consider a long on a retest of this number today (with lower timeframe confirmation), targeting the 1.1300 region. Why 1.1300 and not 1.1250? Well, 1.1250 has not shown much feedback in the past especially during the month of February, hence why we’re looking higher. In support of this trade, we see room for price to move higher on both the weekly and . Weekly supply does not kick in until 1.1533-1.1278, whilst daily supply comes in a little higher at 1.1385-1.1332.
In addition to this long trade, we would also be very interested in shorting between the 1.1300 number and the H4 Quasimodo at 1.1338, as this area is bolstered by the higher-timeframe supplies mentioned above. We would still advise waiting for some sort of lower timeframe setup to form before selling here, since price could just as easily fake higher into the larger supplies which support our sell zone.
Levels to watch/live orders:
• Buys: 1.1200 region Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: 1.1300/1.1338 zone Tentative – confirmation required (Stop loss: dependent on where one confirms this area).