Turning our attention to the H4 timeframe, we can see that this recent surge in buying aggressively took out supply at 1083.2-1078.4, reaching highs of 1087.3 on the day. Consequent to this, the path north appears clear up to resistance seen at 1095.6 (lurking just below the aforementioned daily swap area). For this reason, our plan of attack today will consist of waiting to see if price can retest and hold above 1074.6 (which is also H4 demand at 1069.4-1074.5). If price does indeed hit this H4 demand, depending on what news is due at that time, we’d have no hesitation to enter long at market here.
Levels to watch/live orders:
• Buys: 1069.4-1074.5 (Stop loss: 1068.2).
• Sells: Flat (Stop loss: N/A).