From the , however, price is painting a slightly different picture. Last week’s selling broke through 122.22 (previous range support) on Wednesday, and later on retested this number as resistance during Friday’s trade. This, as you can see, aggressively pushed price lower winding up closing the week just above a daily support base at 120.02-120.44. This area, combined with support taken from the low 116.07 and 61.8% Fibonacci level at 120.24, makes this one heck of a buy zone to have on your watch lists this week traders.
Moving down into the pits of the H4, U.S. trade closed the week below psychological support 121.00. Taking into consideration all of the above, we are hoping to see this figure hold as resistance today and push this market lower. The reason for why is simply because we have our beady little eye on the Quasimodo seen below at 120.16. This hurdle sits snug within the above said daily support base and looks ripe for a rebound sometime this week.
With this, our team has placed a pending buy order just above this level at 120.18 with stop set below at 119.90. We will be extra cautious regarding profit taking here, and will have little hesitation in closing the full position early, since let’s not forget where the weekly action is currently positioned (see above).
Levels to watch/ live orders:
• Buys: 120.18 Pending order (Stop loss: 119.90).
• Sells: Flat (Stop loss: N/A).