4hr Timeframe: A beautiful-looking wick formed from reacting off of the huge number 1.3. The first take-profit target (1.29839) has now been hit from our long position taken last week at 1.28936. Its decision time once again on the Euro, if follow-through selling is seen off of the round number 1.3, and the low 1.29074 marked with a red circle gets consumed; it is likely that prices could see a rather rapid decline in value, since most of the unfilled buy orders have already likely been consumed (take note of the tails/spikes around the blue trendline (1.29074/1.28826), meaning the path south should be relatively clear down to around 4hr demand at 1.27541-1.27904 (located deep within both weekly demand at 1.26591-1.28010, and also daily demand at 1.27541-1.28676).
With that being said, price is currently trading around higher-timeframe demand at the moment (levels above); we cannot discount the fact that higher prices may very well be seen. A break above the round number 1.3 would see prices trading within a ‘price action void’, the pink rectangle essentially shows an area where price is free to move for the time being, in this case, an area free of supply on the 4hr timeframe up to at least the next round number 1.31.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.28936 (Active) (Stop loss: 1.28437 Take profit level(s): 1.29839 1.30938). 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: 1.29950 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
With that being said, price is currently trading around higher-timeframe demand at the moment (levels above); we cannot discount the fact that higher prices may very well be seen. A break above the round number 1.3 would see prices trading within a ‘price action void’, the pink rectangle essentially shows an area where price is free to move for the time being, in this case, an area free of supply on the 4hr timeframe up to at least the next round number 1.31.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 1.28936 (Active) (Stop loss: 1.28437 Take profit level(s): 1.29839 1.30938). 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: 1.29950 (Stop loss: Dependent on price action after the level has been confirmed, Take profit levels(s): Dependent on approaching price action after the level has been confirmed).
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