Fundamentally, Brexit fears and Tuesday’s terror attacks in Brussels have likely helped fuel the recent sell-off. Technically, however, this pair is in a beautiful place to be looking for longs at the moment. Collectively, we see the following structures:
• Psychological support 1.4100.
• Fibonacci support at 1.4089.
• Daily support at 1.4079.
• Weekly support at 1.4051 (Broken Quasimodo line).
What is more, there is very little resistance seen on the horizon until the 1.4200 region! Therefore, the above said area from 1.4100 to 1.4051, with the backing of a lower timeframe setup (preferably on the M30/M60), is somewhere we’d look to enter long today.
Levels to watch/live orders:
• Buys: 1.4051/1.4100 Tentative – confirmation required (Stop loss: dependent on where one confirms this area).
• Sells: Flat (Stop loss: N/A).