Gbpusd;
I expect another test to the 1.42 area, before maybe any move back downward. And considering that the demand has been in power for a year now, some absorption of it and a distribution formation will likely happen before it would do so. Which tell me even more gonna go back up touch at least 1.42 again. which is still a 400 pips opportunity. Feeling secure about this bias as long as price stay upside 1.37.
Monthly;
In March 2020 price made a stop in action including an absorption of supply at the 1.14 area. And then price showed absorption of supply once again at the 1.20 area in May 2020 for after propulsing price up on a bullish engulfing candle moving on heavy demand upward the 1.25 zone, where it showed strong absorption of supply before moving again on heavy demand upward the 1.35 zone.
Weekly;
- showed on the first week of March absorption of supply at 1.38 area. Then on the second week another attempt to move price down with failure. Still staying careful and always ready for a drop and to get out if do break under 1.38 because of these attempts. A break upside 1.40 on a SOS would give me more comfort to see it hit 1.42 again next.
More info with smaller time-frame markup including profound reasoning coming tomorrow. Posting my bigger time-frame idea for today. Follow for more
feel free to leave your idea or opinion (: or if this helped you in any way
I expect another test to the 1.42 area, before maybe any move back downward. And considering that the demand has been in power for a year now, some absorption of it and a distribution formation will likely happen before it would do so. Which tell me even more gonna go back up touch at least 1.42 again. which is still a 400 pips opportunity. Feeling secure about this bias as long as price stay upside 1.37.
Monthly;
In March 2020 price made a stop in action including an absorption of supply at the 1.14 area. And then price showed absorption of supply once again at the 1.20 area in May 2020 for after propulsing price up on a bullish engulfing candle moving on heavy demand upward the 1.25 zone, where it showed strong absorption of supply before moving again on heavy demand upward the 1.35 zone.
Weekly;
- showed on the first week of March absorption of supply at 1.38 area. Then on the second week another attempt to move price down with failure. Still staying careful and always ready for a drop and to get out if do break under 1.38 because of these attempts. A break upside 1.40 on a SOS would give me more comfort to see it hit 1.42 again next.
More info with smaller time-frame markup including profound reasoning coming tomorrow. Posting my bigger time-frame idea for today. Follow for more
feel free to leave your idea or opinion (: or if this helped you in any way