Weekly Timeframe: At the time of writing, current trading action shows price reacting off of a weekly Quasimodo resistance level at 1.12231. Will follow-through selling be seen here, or will the buyers push prices higher? Only time will tell!
Daily Timeframe: The bearish reaction currently being seen at the weekly Quasimodo resistance level (level above) is not exactly what we’d call convincing! Ideally, what we want to see is a daily close below the daily Quasimodo resistance level coming in at 1.11910 (this level is literally just below the aforementioned weekly Quasimodo level). This would then prove to us the majority of the sellers have likely been consumed, and follow-through selling will possibly continue down to at least a daily decision-point area seen at 1.10521-1.10826.
4hr Timeframe: The 4hr timeframe shows price just missed hitting a very important 4hr supply area seen at 1.12454-1.12253. The reason for its importance is because this rally base drop supply area sits just above the weekly Quasimodo resistance level already mentioned above.
With this in mind, price is currently seen retesting the 1.12 level as support, and from here we’re expecting a small rally north into the aforementioned 4hr supply area (active sell orders expected around the 1.12234 level). Be that as it may, we must keep in mind that this area is beautifully located just above the aforementioned weekly Quasimodo resistance level, and as such, it is very likely well-funded traders are watching this area too, so be on your guard for a possible fakeout above!
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 1.12234 (Predicative stop-loss orders seen at: 1.12504).
Comments
morninghedge_
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did you tweet this chart?
ICmarkets
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Hi jkrick33, we share most of our analysis and trading signals in our official social media profiles.