Looking to remain flat - anyone seeing anything different?
During the course of yesterday’s sessions H4 price swallowed the 1.06 handle and rallied into the upper limits of a resistance area at 1.0607-1.0632. As you can see, the market established a resistance from within this barrier around the AB=CD 161.8% Fib ext. plugged at 1.0630 (taken from the low 1.0569), and retraced back to the 1.06 handle going into the close.
With H4 price currently capped between 1.0607-1.0632 and 1.06, daily movement, however, is seen advancing from demand coming in at 1.0525-1.0576, with the next upside target not in view until we reach the resistance area at 1.0714-1.0683. The weekly candles, on the other hand, show there’s little support seen in this market until we reach the 2017 yearly opening level at 1.0515/support area at 1.0333-1.0502.
Our suggestions: Neither a long nor short seems attractive today. Taking a long trade would position one against the H4 resistance area and weekly flow, whereas a short trade would have you selling into daily demand and the 1.06 handle! In the absence of clearer price action, our desk has decided to remain flat today.
Data points to consider: US import prices at 1.30pm GMT +1.
With H4 price currently capped between 1.0607-1.0632 and 1.06, daily movement, however, is seen advancing from demand coming in at 1.0525-1.0576, with the next upside target not in view until we reach the resistance area at 1.0714-1.0683. The weekly candles, on the other hand, show there’s little support seen in this market until we reach the 2017 yearly opening level at 1.0515/support area at 1.0333-1.0502.
Our suggestions: Neither a long nor short seems attractive today. Taking a long trade would position one against the H4 resistance area and weekly flow, whereas a short trade would have you selling into daily demand and the 1.06 handle! In the absence of clearer price action, our desk has decided to remain flat today.
Data points to consider: US import prices at 1.30pm GMT +1.
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