Daily Timeframe: The shows that active sellers have entered the market around the weekly swap level seen at 1.57166, as reported may happen in the previous analysis. Assuming that the sellers can hold the market below here, a further decline could be seen down towards a daily coming in at 1.54344 (seen deep within the aforementioned weekly demand area). Conversely, a break above 1.57166 would likely force the market to test a daily supply area seen at 1.59438-1.58338 (encapsulates the weekly swap level at 1.58934).
4hr Timeframe: The 4hr timeframe shows the market continued to rally until reaching 1.57, where at which point active sellers entered the market. For anyone who sold around 1.57you may find the 1.56249-1.56455 area to be troublesome, as this was likely where pro money made the decision to buy the market up to 1.57.
Let’s quickly recap. The shows price is currently ranging at the moment (see above), while the shows a daily decision-point demand area 1.55602-1.56802 was recently consumed (in our opinion), which has likely cleared the path down to 1.54344, a daily . Therefore with this in mind, we are favoring further selling to be seen.
That being said though, we do currently see any safe entries short until the small 4hr decision-point demand area at 1.56249-1.56455 is consumed. It will be interesting to see how the market unfolds later on today.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).