Concerning the higher timeframes, we are seeing very little harmony at this point. The is still somewhat range bound between weekly demand at 1.0519-1.0798 and weekly supply at 1.1532-1.1278, while the shows price still hovering above daily demand coming in at 1.0886-1.0978.
With today being the last trading day of the week, and the seemingly never-ending Greece situation looking to trail into the weekend once again, our team has decided to play it relatively cautious today and only trade if price comes into contact with areas which are supported by higher timeframe structures:
1. As per yesterday’s analysis, we still have our eye on the 4hr at 1.1171-1.1147, which not only encapsulates a daily swap level at 1.1148, but also converges with both a value of 0.618% and the mid-level number resistance at 1.1150.
2. The 4hr demand area at 1.0886-1.0924, which if you look across to the , you’ll see it has the backing of a daily coming in at 1.0886-1.0978.
Levels to watch/live orders:
• Buys: 1.0886-1.0924 (Stop loss: 1.0878).
• Sells: 1.1171-1.1147 (Stop loss: 1.1176).