Evident from the H4 chart we can see that price closed the day out at 1.0867, just ahead of the high 1.0876 (blue arrow) which is rather significant, since this is the only remaining supply seen before the 1.0903-1.0928 area. Supporting a push higher today can be seen on the – a second consecutive tail printed within the confines of demand at 1.0809-1.0886. Nevertheless, in the event that the bears make an appearance around the 1.0876 region today, longs could be in a little trouble as weekly bears have yet to connect with support at 1.0796, which sits BELOW the H4 buy zone, and around where your stop is likely placed! Therefore, the 1.0876 number is KEY for trade management today!
With regards to new trading boundaries, we have our eye on the H4 above at 1.0937-1.0984, due to it surrounding both weekly resistance 1.0983 and daily resistance at 1.0955. Buying this market on the other hand, will be permitted once/if price collides with the weekly support mentioned above at 1.0796 – in effect a fakeout below the current H4 Quasimodo barrier!