The higher-timeframe picture resembles the following:
• Weekly TF: A push higher into a small weekly supply area at 1.10522-1.09996 has been seen, and at the time of writing, serious sellers appear to have come into the market.
• Daily TF: From the recent selling, a daily range has formed (1.09850-1.08586), and at this point in time, the sellers seem to be pushing price very hard towards the lower limits of this range. A break below here could very well force price to test the daily S/R flip level at 1.08277.
Clearly pro money sellers got all the liquidity they needed (buy orders for their sell orders) without the need to push above the all mighty round number 1.1. Ever since the last analysis the sellers have been on fire, with little to no interest being seen by buyers at present, even at around the round number 1.09, which has seen a clean break below, where we initially had a P.A confirmation buy level set just above at 1.09040.
We are now watching this round number level for any signs that price may retest this level as resistance, if it does, the path south appears to be relatively clear down to around 4hr demand at 1.08441-1.08650. Current price action may actually be better to watch on the 15/30 minute timeframes as if price tests the round number level and consumes a lower timeframe demand (giving us confirmation a decline may happen), we are in business, but on the 4hr timeframe, it is very unlikely we will see this.
Pending/P.A confirmation levels:
• No pending buy orders (Green line) are seen in the current market environment.
• The P.A confirmation buy level (Red line) set just above the round number 1.09 at 1.09040 has been removed since for the time being as price has dropped too far from the entry level.
• Pending sell orders (Green line) are seen just below a 4hr supply area (1.10388-1.10163) at 1.10127. This area remains fresh, and likely contains unfilled sell orders indicating a bounce south at the very least will be seen if/when price reaches this area.
• No P.A confirmation sell levels (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: No pending buy orders are seen in the current market environment. P.A.C: No P.A confirmation buy levels seen in the current market environment.
• Areas to watch for sell orders: P.O: 1.10127 (SL: 1.10440 TP: Dependent on how price approaches) P.A.C: No P.A confirmation sell levels are seen in the current market environment.