ICmarkets

EUR/GBP: Could we be seeing a touch of the 0.79472 level soon?

FX:EURGBP   Euro Fx/British Pound
38 1 1
4hr TF.

The higher-timeframe picture resembles the following:

Weekly TF: Serious selling pressure from the weekly decision-point area at 0.80328-0.79780 has quite possibly opened the door for a challenge of the weekly demand area below at 0.76931-0.78623.

Daily TF: Fresh buyers are being seen on the daily timeframe around the 0.78905 level, which in all honesty was unexpected, since we believed price would challenge the daily demand area below at 0.78117-0.78533. On this timeframe we see very little stopping price trading all the way back up to daily supply at 0.80328-0.80024. If we take a look on the 4hr timeframe, more nearer-term supply may present itself.
________________________________________
The Euro             continues to push upward against the British pound, as the buyers aggressively bought off of the round number 0.79. We believe a bearish reaction may very well be seen at the 4hr decision-point level above current price at 0.79472 (P.A confirmation sell level set just below at 0.79456), since this level remains untouched indicating there may be unfilled sell orders waiting to be filled.

Nevertheless, if the buyers continue with this impressive onslaught and break above the aforementioned 4hr decision-point level, things would get very interesting. The wicks (0.79571/0.79658/0.79661) marked with arrows likely indicate supply consumption in our opinion, meaning price could effectively push higher with relative ease. We have our reservations concerning the 4hr supply area at 0.79778-0.79664 since this area has been spiked twice already, so with this in mind, a break above here could be seen if, or indeed when price reaches here.

Pending/P.A confirmation levels:

• No pending buy orders (Green line) are seen in the current market environment.
• No P.A confirmation buy levels (Red line) are seen are seen in the current market environment.

• No Pending sell orders (Green line) are seen are seen in the current market environment.
• New P.A confirmation sell levels (Red line) are seen just below the 4hr decision-point level (0.79472) at 0.79456. The reasoning behind not setting a pending sell order here was simply because just above this level appears to be consumed of supply, thus price may just ignore this level and continue on higher.

• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels are seen in the current market environment.

• Areas to watch for sell orders: P.O: No pending sell orders are seen in the current market environment. P.A.C: 0.79456 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).


HappyKing
2 years ago
sure
Reply
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