1.1880/1.1861 looks tasty for shorts...
The single currency, as you can see, rallied for a third consecutive day on Thursday, reaching a high of 1.1855. Better-than-expected Eurozone manufacturing data provided support for the pair in early London hours, lifting H4 price up to the1.1846 neighborhood. Shortly after, however, price drifted off into a tight consolidation ahead of a H4 resistance at 1.1861, owing to thin volume caused by the US bank holiday.
Suggestions: Alongside the current H4 resistance, we also see a well-appointed daily resistance level pegged at 1.1878, as well as a weekly supply base drawn from 1.1880-1.1777. Considering this fact, from the top edge of the said weekly supply (1.1880) down to the noted H4 resistance at 1.1861, we have tight, yet likely very strong, point of resistance on the horizon.
Is 1.1880/1.1861 worthy of a short? We believe it is if some form of bearish intent is seen from the area. A full or near-full-bodied H4 bearish candle would be ideal. As for targets, it is a bit difficult to judge at the moment as the unit has yet to complete its approach, but in cases such as this we usually we’d look at the nearest opposing H4 demand as the first take-profit zone.
Data points to consider: German IFO business climate at 9am GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.1880/1.1861 (waiting for a reasonably sized H4 bearish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
Suggestions: Alongside the current H4 resistance, we also see a well-appointed daily resistance level pegged at 1.1878, as well as a weekly supply base drawn from 1.1880-1.1777. Considering this fact, from the top edge of the said weekly supply (1.1880) down to the noted H4 resistance at 1.1861, we have tight, yet likely very strong, point of resistance on the horizon.
Is 1.1880/1.1861 worthy of a short? We believe it is if some form of bearish intent is seen from the area. A full or near-full-bodied H4 bearish candle would be ideal. As for targets, it is a bit difficult to judge at the moment as the unit has yet to complete its approach, but in cases such as this we usually we’d look at the nearest opposing H4 demand as the first take-profit zone.
Data points to consider: German IFO business climate at 9am GMT.
Levels to watch/live orders:
• Buys: Flat (stop loss: N/A).
• Sells: 1.1880/1.1861 (waiting for a reasonably sized H4 bearish candle to form – preferably a full or near-full-bodied candle – is advised, stop loss: ideally beyond the candle’s wick).
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