4hr TF.
The higher-timeframe picture resembles the following:
• Weekly TF: After a solid close below weekly demand at 1.32940-1.34847, buyers and sellers are now seen battling it out within the weekly demand area below at 1.31037-1.32262.
• Daily TF: Price is now trading just within a fantastic-looking daily demand area at 1.31037-1.31755. We are prepared for lower prices deeper into this daily demand area, but ultimately we do expect higher prices to be seen in the end.
Price did indeed close above the round number 1.32, and we reported in the last analysis, if price did this, we would then consider entering long around the 4hr demand area at 1.35599-1.31879. The only thing that put us off regarding going long is that the buyers could not form enough strength to close above the high marked with a blue arrow at 1.32093.
A full-bodied bearish candle has been seen trading deeper into the aforementioned 4hr demand area indicating possible weakness, this move has pushed prices deeper into both the weekly and daily demand area (levels above). If we see a break below 4hr demand, this could force price to test a beautiful-looking 4hr demand area at 1.31037-1.31278 (a pending buy order is set just above at 1.31333), which if does happen, we will then be trading around the lower limits of the aforementioned higher-timeframe demand areas.
Pending orders/P.A confirmation levels:
• New pending buy orders (Green line) are seen just above 4hr demand (1.31037-1.31278) at 1.31333. We strongly believe a first-time reaction will be seen here due to where price is located on the higher-timeframe picture (Weekly demand: 1.31037-1.32262. Daily demand: 1.31037-1.31755).
• No P.A confirmation buy levels (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell levels (Red line) are seen just below the 4hr D/S flip area (1.33360-1.33619) at 1.33322. The reasoning behind setting a P.A confirmation sell level here and not a pending sell order is because we have no logical area for a stop-loss order meaning price could push straight through this area.
• Areas to watch for buy orders: P.O: 1.31333 SL: 1.30988 TP: Dependent on how price approaches). 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: 1.33322 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
The higher-timeframe picture resembles the following:
• Weekly TF: After a solid close below weekly demand at 1.32940-1.34847, buyers and sellers are now seen battling it out within the weekly demand area below at 1.31037-1.32262.
• Daily TF: Price is now trading just within a fantastic-looking daily demand area at 1.31037-1.31755. We are prepared for lower prices deeper into this daily demand area, but ultimately we do expect higher prices to be seen in the end.
Price did indeed close above the round number 1.32, and we reported in the last analysis, if price did this, we would then consider entering long around the 4hr demand area at 1.35599-1.31879. The only thing that put us off regarding going long is that the buyers could not form enough strength to close above the high marked with a blue arrow at 1.32093.
A full-bodied bearish candle has been seen trading deeper into the aforementioned 4hr demand area indicating possible weakness, this move has pushed prices deeper into both the weekly and daily demand area (levels above). If we see a break below 4hr demand, this could force price to test a beautiful-looking 4hr demand area at 1.31037-1.31278 (a pending buy order is set just above at 1.31333), which if does happen, we will then be trading around the lower limits of the aforementioned higher-timeframe demand areas.
Pending orders/P.A confirmation levels:
• New pending buy orders (Green line) are seen just above 4hr demand (1.31037-1.31278) at 1.31333. We strongly believe a first-time reaction will be seen here due to where price is located on the higher-timeframe picture (Weekly demand: 1.31037-1.32262. Daily demand: 1.31037-1.31755).
• No P.A confirmation buy levels (Red line) are seen in the current market environment.
• No pending sell orders (Green line) are seen in the current market environment.
• P.A confirmation sell levels (Red line) are seen just below the 4hr D/S flip area (1.33360-1.33619) at 1.33322. The reasoning behind setting a P.A confirmation sell level here and not a pending sell order is because we have no logical area for a stop-loss order meaning price could push straight through this area.
• Areas to watch for buy orders: P.O: 1.31333 SL: 1.30988 TP: Dependent on how price approaches). 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: 1.33322 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
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