In view of price currently trading at a well-respected right now, where does our team stand in the bigger picture? Up on the , we can see that trade reacted splendidly from channel support (1.4564), while down on the price closed above the underside of a channel support-turned resistance (1.5329). This, at least in our book, suggests that selling from the 4hr mentioned above might not be the way to go today as the most we see price declining to from here is the 1.5200 figure.
That being the case, today’s spotlight will firmly be focused on 1.5240. Should a convincing close be seen above this barrier, this will, in effect, be our cue to begin watching for price to retest this level and look for confirmed longs into this market, targeting 1.5300 and possibly supply at 1.5363-1.5340.
Levels to watch/ live orders:
• Buys: Watch for offers at 1.5240 to be consumed and then look to enter on any retest seen at this number (confirmation required).
• Sells: Flat (Stop loss: N/A).