Daily Timeframe: It was mentioned in the previous analysis that more buying could indeed be seen up to a daily Quasimodo at 117.120 (located within the aforementioned weekly supply area) before serious sellers enter into the market. As we can all see, this has indeed happened, let’s take a look on the 4hr timeframe to see if there are any opportunities to sell.
4hr Timeframe: Our bias for this market is very much short considering where price is located in the higher-timeframe picture (see above). We feel there is a potential shorting opportunity around 116.771, just below a 4hr Quasimodo at 116.814. Our stop-loos order will be placed quite a few pips above the round number (117) at 117.270, to avoid any fakeouts that may occur. First troublesome demand area to be watchful of is around 115.608, and the first-take-profit target for us will be set at 115.089, just above the round-number level 115.
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 116.771 (Predicative stop-loss orders seen at: 117.270).