Looking for shorts beyond the 103 handle.
Beginning with a look at the weekly chart this morning, traders can see that price recently collided with a resistance level seen at 103.22. A rotation from here could potentially push the pair back down to retest support coming in at 100.61. Turning our attention to the daily chart, price has also connected with a resistance area drawn from 103.50-103.89. The next downside target from this angle, however, falls in at 102.38: a support level. Stepping across to the H4 chart, we can see that price began topping out around the mid-way resistance 103.50 level during yesterday’s London morning session.
Our suggestions: Quite simply, we’re now looking for the sellers to prove their selves. A close below the 103 handle would, in our opinion, do just that. Should this come into view followed by a convincing retest of 103, our team would enter short targeting the mid-way support 102.50 as our initial take-profit zone.
Our suggestions: Quite simply, we’re now looking for the sellers to prove their selves. A close below the 103 handle would, in our opinion, do just that. Should this come into view followed by a convincing retest of 103, our team would enter short targeting the mid-way support 102.50 as our initial take-profit zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.