Our suggestions: Based on the above structure, we see three possible trade scenarios:
1. Look to buy the couple on any retest seen at 1.09. There’s not much H4 confluence seen here though, so waiting for additional confirmation is advised (a reasonably sized H4 bull candle should suffice – preferably a full-bodied candle).
2. Wait and see if the daily bulls can close price above the current daily resistance. Should this come to fruition, one could then look to trade any retest seen thereafter.
3. Go against the grain and consider shorting from 1.0971, given the daily confluence seen at the daily . To be on the safe side, we would personally wait for a H4 bear candle (preferably a full-bodied close) to form before committing, since ending up on the wrong side of weekly flow would not be pleasant.
Data points to consider: No high-impacting economic events.