Well done to those who longed 110.65/110.81...
For those who read Thursday’s briefing you may recall the team highlighted a possible H4 buy zone marked in green at 110.65/110.81. We liked this area for longs due its construction:
• July’s opening level at 110.65.
• H4 support at 110.76.
• 61.8% H4 Fib support at 110.81 (green line).
• Stop-loss orders below 111 will likely provide bigger players the liquidity needed to buy.
Also bear in mind the top edge of daily demand at 110.28-110.78 converged with 110.65/110.81, along with the current weekly trend line resistance-turned support (taken from the high 123.57) seen intersecting with the lower edge of the daily zone.
Well done to any of our readers who managed to jump aboard this move. H4 price easily crossed above the 111 handle, which, if you remember from Thursday’s analysis, was a cue to reduce risk to breakeven. In the event, H4 price remains defensive above 111, the H4 mid-level resistance at 111.50 is likely the next base on the hit list. In terms of higher-timeframe targets, however, daily action shows a possible move as far north as 112.11.
Areas of consideration:
Those who missed the long from 110.65/110.81 may be offered a second chance to buy this market today on a retest off 111. A bounce from this number in the shape of either a H4 bullish pin-bar formation or a H4 full or near-full-bodied bull candle would likely be enough evidence to consider longs, targeting 111.50, followed then by daily resistance plotted at 112.11.
• July’s opening level at 110.65.
• H4 support at 110.76.
• 61.8% H4 Fib support at 110.81 (green line).
• Stop-loss orders below 111 will likely provide bigger players the liquidity needed to buy.
Also bear in mind the top edge of daily demand at 110.28-110.78 converged with 110.65/110.81, along with the current weekly trend line resistance-turned support (taken from the high 123.57) seen intersecting with the lower edge of the daily zone.
Well done to any of our readers who managed to jump aboard this move. H4 price easily crossed above the 111 handle, which, if you remember from Thursday’s analysis, was a cue to reduce risk to breakeven. In the event, H4 price remains defensive above 111, the H4 mid-level resistance at 111.50 is likely the next base on the hit list. In terms of higher-timeframe targets, however, daily action shows a possible move as far north as 112.11.
Areas of consideration:
Those who missed the long from 110.65/110.81 may be offered a second chance to buy this market today on a retest off 111. A bounce from this number in the shape of either a H4 bullish pin-bar formation or a H4 full or near-full-bodied bull candle would likely be enough evidence to consider longs, targeting 111.50, followed then by daily resistance plotted at 112.11.
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