Due to this recent advance, price is seen teasing the underside of a daily at 1.4445-1.4360, which wraps itself around a weekly drawn from 1.4429. As such, a sell-off from the 1.4351 H4 resistance is possible in our opinion. However, for us to short this pair, we would want to see price connect with H4 supply seen above at 1.4445-1.4409. Not only does this beast sit within the extremes of the aforementioned daily , it also encapsulates the weekly resistance at 1.4429 and houses a H4 completion point at the upper end of the H4 supply at 1.4446.
Given the above confluence, our team has placed a pending sell order at 1.4406 with a stop set above at 1.4477. Granted, this is a rather large stop and the reason for this is to avoid a fakeout above the completion point.