For those who read Tuesday’s report you may recall that the team highlighted a possible buy zone at 1265.4/1269.9 (green area) seen on the H4 timeframe. The lower edge of the current H4 range at 1265.4, as well as the nearby H4 Quasimodo support at 1267.6 along with August and September’s opening levels seen just above at 1269.3/1269.9 formed a strong-looking area.
As you can see, price struck the top edge of this zone to-the-pip going into the London session, and the bulls wasted very little time in reasserting dominance here! Well done to any of our readers who managed to jump on board this move!
Suggestions: With H4 price now seen tackling the top edge of the current H4 range at 1282.5, the next upside target beyond this line can be seen at 1288.7: a H4 resistance. Therefore, should the H4 candles breakout from 1282.5, and retest this edge as support, an intraday long play could be an option up to 1288.7. Further upside could be seen beyond 1288.7, however, given the clear run up to H4 resistance at 1298.0 and the bigger picture showing weekly price could advance as high as weekly resistance at 1337.3.