Daily resistance at 0.9986 eyed for possible selling opps...
By all counts, it was a somewhat subdued session Tuesday, ranging no more than forty points on the day (+0.21%). February’s opening level at 0.9939 on the H4 timeframe, as you can see, served as reasonably strong resistance. Overhead, we have a nearby resistance (broken Quasimodo support-turned resistance) at 0.9962, shadowed closely by March’s opening level at 0.9972. Sub 0.9939, round number support at 0.99 is in sight, as is nearby demand plotted at 0.9872-0.9893. It might also interest some traders to note a potential ABCD (blue arrows) correction pattern that tops around 0.9988.
In terms of where the market stands on the weekly timeframe this morning, price action remains poised to approach trend line support (taken from the low 0.9187) after having seen the unit push lower from the 2016 yearly opening level at 1.0029. Daily flow, aside from the 0.9905 Jan 28 low that’s holding as temporary support, also demonstrates potential to charge as far south as demand plotted at 0.9800-0.9845. Another possibility, of course, is a retest of resistance coming in at 0.9986.
Areas of consideration:
The daily resistance mentioned above at 0.9986 is of interest today/this week as a possible sell zone. Traders may also like the fact it merges, assuming H4 price continues to push higher, with a ABCD bearish pattern at 0.9988. Between 1.0000 (parity) and 0.9988 (yellow), therefore, is a reasonably solid sell zone. As round numbers are prone to fakeouts, though, entering on additional confirmation is a point worth considering.
Entry and risk levels can be determined according to your chosen confirming method.
Today’s data points: FOMC Member George Speaks.
In terms of where the market stands on the weekly timeframe this morning, price action remains poised to approach trend line support (taken from the low 0.9187) after having seen the unit push lower from the 2016 yearly opening level at 1.0029. Daily flow, aside from the 0.9905 Jan 28 low that’s holding as temporary support, also demonstrates potential to charge as far south as demand plotted at 0.9800-0.9845. Another possibility, of course, is a retest of resistance coming in at 0.9986.
Areas of consideration:
The daily resistance mentioned above at 0.9986 is of interest today/this week as a possible sell zone. Traders may also like the fact it merges, assuming H4 price continues to push higher, with a ABCD bearish pattern at 0.9988. Between 1.0000 (parity) and 0.9988 (yellow), therefore, is a reasonably solid sell zone. As round numbers are prone to fakeouts, though, entering on additional confirmation is a point worth considering.
Entry and risk levels can be determined according to your chosen confirming method.
Today’s data points: FOMC Member George Speaks.
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