Looking to enter long from 1.0860 for a scalp...

FX:EURUSD   Euro / U.S. Dollar
194 1 7
During the course of yesterday’s sessions, the shared currency caught a fresh bid from the 1.09 handle and managed to clock highs of 1.0942. It was here, the US open, that we saw sellers step in and drive price below 1.09 to test an active H4 demand base at 1.0874-1.0887. Although this area remains intact for the time being, it appears vulnerable given that the pair has also found resistance from the underside of 1.09.

In support of the major breaking below the current H4 demand, daily candlesticks recently chalked up two back-to-back bearish selling wicks, which show room to extend down to a weekly support seen at 1.0819.

Our suggestions: By and large, our desk has absolutely no interest in buying the EUR today. We feel that a push below the current H4 demand is possible as Europe gets under way. According to the higher timeframes, the next downside target is the aforementioned weekly support. However, before we reach this point, the H4 Quasimodo support at 1.0859 is likely to facilitate a BOUNCE back up to the underside of the H4 demand. If you’re interested in this level, there’s little room to wait for confirmation. Therefore, an entry at market, with stops placed below 1.0850, targeting 1.0874 is how we plan to approach this level. The risk/reward is not great, we grant you, but the trade is high probability.

We have a relatively quiet docket today with only the US advance GDP being released at 12.30pm GMT             . Nonetheless, this report is considered a high-impacting event, so remain vigilant during this time.
You shoud make your comments on Saturday morning...
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