• A H4 resistance etched from the high 115.62.
• December’s opening level at 114.68.
• A H4 approach which (symmetrically) concludes just ahead of the H4 supply mentioned above.
• Bolstered by a daily at 115.62-114.60.
Our suggestions: In light of the above confluence, our team is looking to short at 114.71, with the stop set a few pips above the H4 161.8% ext. (114.96) and round number (115) at 115.03. Please ignore the bold red line as this our alert, nothing more.
Data points to consider: US CPI and US retail sales scheduled for release at 1.30pm, with another day of testimony from Fed Chair Janet Yellen at 3pm. FOMC member Harker speaks at 5.45pm GMT .