The sell-off from 1.5180 has nearly seen price reconnect with 1.5114, which, at least from a technical standpoint, could once again be good for a second entry long into this market today. The reason being is let’s not forget that price is still flirting with weekly channel support (1.4564), and daily action is lurking deep within demand at 1.5088-1.5173.
However, today’s NFP release could alter the technical structure of this pair. As such, the following barriers may also see some action today:
• 1.5100. This round number could see some action today from a fake below 1.5114.
• Also, keep a tab on demand below this round-number figure at 1.5026-1.5059 (positioned below daily demand at 1.5088-1.5173, but is located just within weekly demand at 1.4855-1.5052).
• 1.5200. This psychological number has proven itself on three occasions to be worthy resistance this week.
• Even though 1.5250/1.5300 should also be on your watchlists, we have our eye on the small supply seen above at 1.5363-1.5340, which could be good for a bounce during NFP.