This, at least to us, is a relatively good thing as twenty pips below the aforementioned 4hr demand base lurks a weekly swap (support) level at 1.5235. In addition, we can also see that this weekly level converges beautifully with not only a daily support (1.1329), but also with a large daily at 1.5189-1.5345. So, all in all, we believe this to be a fantastic buy zone within this market. We have set an alert at 1.5245, which, if triggered, we’ll begin watching price action very closely for a confirmed long trade.
If, however, price manages to overcome offers at 1.5320 today, then in all honesty, we’d be happy to stay out of the market since there is only twenty pips room to the next upside 4hr target – 1.5342-1.5377.
Levels to watch/ live orders:
• Buys: 1.5235 region Tentative – confirmation required (Stop loss: dependent on where on confirms this area).
• Sells: Flat (Stop loss: N/A).