Daily Timeframe: The on the other hand appears relatively to us, since a daily close below the 1.12775 barrier would be required to negate a bias. This level would in fact be a nice area to look for longs if/once price reaches here. So all is not lost yet!
4hr Timeframe: The 4hr timeframe shows that the sellers have consumed the 4hr decision-point demand area at 1.13387-1.13635, clearing the path south down to 1.13. This is where things will likely get interesting. A lot of traders will be watching 1.13 and will be likely preparing to go long from this level, and why not, this level is very very close to the 1.12775 weekly level mentioned above. Nonetheless, some traders will likely miss the 4hr decision-point demand area lurking just below at 1.12624-1.12873 altogether. This area remains a very important one, as this is likely where pro money made the ‘decision’ to form a new higher high at 1.14655.
Taking all of the above into consideration, pro money will likely see the 1.13 level as a nice place to break, and collect all those lovely sell stops siting just below it, and at the same time triggering in any breakout sellers. This will give pro money the liquidity (sells for their buys) they need to buy into this market. So, we would prefer to buy around 1.12916, just above the 4hr decision-point demand area at 1.12624-1.12873 for the time being.
• Buy orders: 1.12916 (Predicative stop-loss orders seen at: 1.12534).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).