Anyone eyeing 1.1716/1.1696 for shorts today???

FX:EURUSD   Euro / US-Dollar
Looking at the weekly timeframe this morning, the current candle looks poised to retest resistance pegged at 1.1714. The pair is likely to find some resistance here with it having been an obvious area of support from August. Cranking our way down to the daily timeframe , we can see that price has spent the week basing just ahead of a strong-looking demand area at 1.1479-1.1552, which happens to unite beautifully with a channel support etched from the low 1.1717.

Over on the H4 timeframe, nevertheless, candle action is so far meeting the characteristics of an AB=CD bearish formation completing between 1.1760/1.1696. What’s also interesting here is that this completion zone merges with the 1.17 handle, a broken Quasimodo H4 line at 1.1696, a 50.0% resistance value at 1.1706 and the noted weekly resistance level .

Suggestions: Technically speaking, the green H4 area marked at 1.1760/1.1696 is a sell zone worthy of consideration. From a fundamental standpoint, however, US job’s data could alter this configuration, which is expected to rise by 312K.

Data points to consider: US Job’s figures and US trade balance at 12.30pm; US ISM non-manufacturing PMI and US factory orders m/m at 2pm; FOMC member Kashkari speaks at 4.15pm GMT .

Levels to watch/live orders:

• Buys: Flat (stop loss: N/A).
• Sells: 1.1716/1.1696 (stop loss: 1.1718).
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I am also looking at Sell today. Probably will happen in London and then new low in NY. This week was a correction week
ICmarkets moneymikey
@moneymikey, Nice - thanks for the comment!
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