Thanks to yesterday’s selling, H4 action is now seen crossing swords with the H4 mid-way support line at 0.9650. The candles are showing that the bulls are struggling to hold here, suggesting we may see a further decline in value today down to the 0.96 handle, which sits only a few pips above the daily Quasimodo support at 0.9584.
Our suggestions: In light of the weekly picture and the recent break below daily demand (see above) our team is for now. With that being said, we’re going to be watching the lower timeframe price action closely around 0.9650 today for a possible shorting opportunity, targeting 0.96, followed closely by 0.9584 (the daily Quasimodo mentioned above).
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 0.9650 region Tentative – confirmation required (Stop loss: dependent on where one confirms this area).