In support of this move, weekly buyers continue to bid this pair north from weekly demand at 105.19-107.54 with the upside clear until weekly supply at 113.80-111.59. Daily action has also just closed beyond daily supply at 109.26-109.83 (now acting demand), potentially clearing the path north up to daily resistance mentioned above at 110.96.
Our suggestions: Watch for price to retest the 110.00 handle and look for a lower timeframe buy entry, targeting 110.84. For ideas regarding possible entry techniques, here is what we use:
• A break/retest of supply.
• A break/retest.
• Buying tails – essentially we look for a cluster of very obvious spikes off of lower timeframe support levels.
We search for lower timeframe confirmation between the M15 the H1 timeframes, since most of our higher-timeframe areas begin with the H4. Stops are usually placed 5-10 pips beyond confirming structures.