Daily timeframe: The shows price is currently trading around a daily demand flip area at 1.64589-1.64949, if selling interest comes into the market here, there is very little in our opinion stopping price from trading down to the daily decision-point level at 1.62686. Conversely, a break above would likely attract further buying up to around a daily decision-point area seen at 1.66429-1.66057 (located deep within the weekly decision-point area mentioned above).
4hr Timeframe: On the 4hr timeframe, price is currently trading around where the decision (1.64639-1.64385) was made to consume daily demand at 1.64589-1.64949, making this a very important area indeed. Be that as it may, price is too close to near-term resistance (1.64) to justify entering short here from a risk/reward perspective. With that being said, if a break below the 1.63876 level is seen, we would definitely consider entering short. A break above this 4hr decision-point area, could likely force price to hit the 1.65 round-number level.
However, taking into consideration all of the above, we mustn’t forget that the is showing room to move higher at least to the weekly decision-point area at 1.66429-1.65340, so do bear this in mind before clicking the sell button.
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: No pending buy orders are seen in the current market environment. 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.