Our suggestions: Put simply, our team is looking to sell on the close of the current H4 , as it’s forming within a green H4 sell zone comprised of the 103 handle and a small H4 at 103.50-103.60. What makes this barrier so strong is the fact that the weekly resistance line mentioned above at 103.22 slices through the middle of this zone! The only grumble of course is that price may find support at 103 before dropping lower!
We would also advise any of our readers who are interested in taking this trade to be conservative in regards to stop placement. Our stop will be placed at 103.66 – just above the current H4 since this will give the trade room to breathe.