Daily TF: A push back into the medium-term daily range (0.92046-0.92354/0.93529) has been seen off of a small daily decision-point area at 0.94044.
4hr TF: The market opened considerably lower than Friday’s close (0.93710) at 0.93579, however, the 0.93536 level offered enough support for the buyers to push prices north forming a ‘pin-bar looking high’ at 0.93732. This is the point where the sellers came into the market, and price sold off sharply down below not only the 4hr demand area at 0.93316-0.93473, but the round number 0.93 as well.
The selling pressure seems to be easing off at the moment, since the market tested a 4hr fakeout (demand) area at 0.92619-0.92780, which has triggered our P.A confirmation buy level at 0.92807 in the process. For this area to be worthy of consideration, we need to see the buyers break above the round number 0.93 consuming some or most of the sellers looking to play the retest there.
Pending orders/P.A confirmation levels:
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: 0.92807 (Active-awaiting confirmation) (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: 0.93911 (SL: 0.94049 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.
Trading, as most will tell you is not about being right all the time, in our opinion it's a game of probabilities where losing trades will happen, this we can guarantee you.
Please conduct your own analysis regarding any live trades you take, as this is only an opinion, not a signal to trade.