Weekly Timeframe: The weekly timeframe shows there is clearly buying interest seen around the weekly ‘buy zone’ area at 1.26591-1.28010. The fact that price has yet to hit this area, and higher prices are being seen likely indicates strong demand (buying pressure).
Daily Timeframe: As already mentioned above, there is clearly interest in buying the Euro at the moment. A positive daily close has been seen off of the daily demand area at 1.27541-1.28676, but the only way to find out if this buying was indeed legit, and not just traders liquidating short positions would be follow-through buying past the high 1.29941.
4hr Timeframe: Considering that price is trading just above an obvious weekly ‘buy zone’ area (1.26591-1.28010), and buying interest is currently being seen around daily demand at 1.27541-1.28676, we are naturally favoring higher prices for the time being.
A beautiful to-the-pip reaction has been seen off of a small 4hr decision-point area at 1.28095-1.28353, which has consequently pushed price above the 1.29 level. With that being said, we feel this is not the beginning of a reversal just yet. Pro money absolutely love to get the best prices on their trades, as we all do, and the best price (looking at the 4hr timeframe and above) is likely around a 4hr fresh demand area seen below at 1.27541-1.27904 (a pending buy order has been set just above at 1.27970). The reason why we believe this to be the best price is simply because this fresh area of 4hr demand is located deep within not only daily demand, but also a clear weekly ‘buy zone’ as well (levels above).
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.27970 (Stop loss: 1.27477 Take profit level(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
Daily Timeframe: As already mentioned above, there is clearly interest in buying the Euro at the moment. A positive daily close has been seen off of the daily demand area at 1.27541-1.28676, but the only way to find out if this buying was indeed legit, and not just traders liquidating short positions would be follow-through buying past the high 1.29941.
4hr Timeframe: Considering that price is trading just above an obvious weekly ‘buy zone’ area (1.26591-1.28010), and buying interest is currently being seen around daily demand at 1.27541-1.28676, we are naturally favoring higher prices for the time being.
A beautiful to-the-pip reaction has been seen off of a small 4hr decision-point area at 1.28095-1.28353, which has consequently pushed price above the 1.29 level. With that being said, we feel this is not the beginning of a reversal just yet. Pro money absolutely love to get the best prices on their trades, as we all do, and the best price (looking at the 4hr timeframe and above) is likely around a 4hr fresh demand area seen below at 1.27541-1.27904 (a pending buy order has been set just above at 1.27970). The reason why we believe this to be the best price is simply because this fresh area of 4hr demand is located deep within not only daily demand, but also a clear weekly ‘buy zone’ as well (levels above).
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.27970 (Stop loss: 1.27477 Take profit level(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: No pending sell orders are seen in the current market environment. Price action confirmation levels: No price action confirmation sell levels are seen in the current market environment.
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