Given the above, the bigger picture shows price faked below a minor daily demand area seen at 1.0868-1.0926, and came very close to crossing swords with the weekly ascending extended from the low 1.0461. With this in mind, our attention will be mostly driven towards longs today.
In the event that price can close above both 1.0900 and 1.0924 (effectively removing any willing offers from these zones), we may look to buy on any respectable retracement seen back towards 1.0900 (lower timeframe confirmation required). Should this trade opportunity come to fruition, we’d likely look to target the 4hr supply area at 1.0986-1.0968 (as per the blue arrows) first and foremost, since there is clear space seen in between here for prices to rally.
Levels to watch/live orders:
• Buys: Watch for 1.0900/1.0924 to be consumed and then look to enter on any retracement seen back towards 1.0900.
• Sells: Flat (Stop loss: N/A).