Meanwhile, over on the bigger picture we can see that weekly sellers are making their presence felt from weekly supply marked at 1.2569-1.2287. Continued selling from this point could lead to an attempt to invade the weekly support at 1.2044, followed closely by the 2018 yearly opening line at 1.2004. On the other side of the coin, however, we have daily price currently shaking hands with the top edge of a daily printed at 1.2246-1.2164.
Potential trading zones:
Bids from the top edge of the daily will likely pull the unit back up to the underside of the 1.23 region today. Given the number fuses with a nearby H4 channel support-turned resistance, along with weekly price trading from weekly supply, a short from this area could be something to consider. Target objectives are local H4 support circled in green around the 1.2220ish region, shadowed closely by the H4 at 1.2195 (both H4 levels are located within the aforementioned daily – weekly selling pressure will likely override this).
Data points to consider: German Buba President Weidmann speaks at 8.45am; US unemployment claims at 1.30pm GMT .