Looking at Friday’s movement on the H4 chart, one can see that price made a quick run to highs of 0.9582 during the London morning session, before closing below mid-level support at 0.9550 and reaching lows of 0.9525 on the day. We feel based on where price is positioned on the higher-timeframe picture (see above) that a pending buy order can be placed just above H4 demand drawn from 0.9493-0.9517 at 0.9519, with a stop below at 0.9490. However, seeing as how this pair is in a downtrend at the moment, we will, should our buy order be triggered today, look to take partial profits at 0.9550 and begin reducing some of our risk. Ultimately, nevertheless, we’re looking to trail this position up to at least the 0.9660 level – daily resistance.
Levels to watch/live orders:
• Buys: 0.9519 Pending buy order (Stop loss: 0.9490).
• Sells: Flat (Stop loss: N/A).