Stepping over to the H4 chart, things become a little more interesting. Firstly, take note that this pair is currently entrenched in a steep H4 (1.1616/1.1500), secondly, see how price is forming a symmetrical H4 within this H4 channel beginning from the high 1.1446 (see blue lines). On top of this, both the H4 channel support line and the formation tie in with a nice-looking H4 demand coming in at 1.1057-1.1096 (sits within the extremes of the above said daily ), which is positioned just below the 1.11 handle.
Our suggestions: Shorts (at market) from the H4 seen at 1.1168-1.1198 which converges with the H4 channel resistance line (1.1616) could be something to consider today (see green circle), targeting the aforementioned H4 demand base. Additionally, traders may be interested in entering long from this said H4 demand should price reach this low today given the confluence we noted above. However, play this area carefully guys as let’s not forget that the weekly chart shows further downside is a possibility.
Levels to watch/live orders:
• Buys: 1.1057-1.1096 tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: 1.1168-1.1198 possible market entry here (Stop loss: above the H4 supply at 1.1205).