With stops likely removed from the current H4 , and some of the buying power consumed from 112.00, we’re looking for this unit to push lower today and possibly close beyond the 112.00 mark. Below this number we see little active H4 demand other than around the area marked with a pink circle at 111.53-111.71. Beyond here, however, there appears space for price to hit the 111.00 region, as demand seems to be consumed (see the H4 demand consumption tails marked with black arrows at 111.37/111.21).
In addition to the above, both the weekly and show clear space to move lower to at least daily support at 110.96 – effectively the 111.00 figure! On account of this, our plan of attack today will consist of watching for price to close below 112.00 and retest the underside of this line as resistance. Should we then manage to pin down a lower timeframe sell from here, we’d look to jump in short, and move our stop to breakeven once/if price reached the 111.60 mark. A close beyond this number would allow us to hold the position down to 111.00 – our final take-profit zone.