Daily view: Price appears to be hesitating in no-man’s-land between a daily at 1.1051-1.0918 and a daily demand area at 1.0461-1.0565 (a prior reaction to the aforementioned weekly ).
4hr view: Yesterday’s sessions saw price fake below round-number support at 1.0700 and rebound beautifully from a fresh 4hr demand coming in at 1.0658-1.0681. Big players were clearly interested in this zone since the Euro witnessed a 150-pip rally, consequently taking out both the round number 1.0800 and a 4hr Quasimodo resistance line at 1.0816.
As we can see, selling pressure is beginning to come into the market, a beautiful-looking 4hr pin-bar candle recently formed around last Friday’s high 1.0847 seen marked with a green circle. Ok, so with price now hovering above a recently broken 4hr Quasimodo level and a round number, we’re looking for these two levels to form a structural supportive base today (green box). In the event that this area holds and we see lower-timeframe buying strength forming, our team would consider entering long here. Should we find an entry here today, we’re going to be watching for price to close above last Friday’s high; this will give us support and allow us to move our stop to breakeven. The ultimate take-profit zone comes in at 4hr supply seen above at 1.0953-1.0922 (located within daily supply at 1.1051-1.0918). This area also has a potential reversal zone – the being the lower pink line at 1.0916, and the completion positioned at the upper pink line at 1.0985.
Current buy/sell orders:
• Buy orders: 1.0816/1.0800 (1.0790).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).