Once, or indeed if price reaches target today, this would not only be a cool place to close any longs that you may have, but it would also be an excellent opportunity to begin hunting shorts, since let’s not forget that this area is located around a clear weekly (swap) at 1130.1.
We definitely expect some tricks to be played around this 4hr supply area in the form of some very nasty fakeouts, as such, we would advise only entering short if you spot lower timeframe sellers gaining strength i.e. a demand area engulfed, a break/retest, or even simply a with space to move south…
Levels to watch/ live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 1134.5-1128.9 Tentative – confirmation required (Stop loss: dependent on where one finds confirmation in this area).