The higher picture resembles the following:
• The is showing price consolidating just above weekly demand at 0.85664-0.88124.
• Daily supply at 0.90372-0.90042 has seen a lot of action over the past few weeks with no break north seen yet.
Price is currently capped between the daily just mentioned, and the daily S/R flip level below at 0.88608.
After the high marked with an arrow at 0.89311 was consumed, there was literally no strong selling opposition left for the buyers to contend with, until price reached the high 0.89557, or so we thought! Notice how clean price action moved through the purple area? This is because there were simply limited sellers left there as most of them had been consumed already.
A little road bump was caused at the high 0.89557, but with the sellers appearing very weak, it was nothing to get excited about. Price is now well and truly possibly on its way up to the round number 0.90000. Again, why is price action able to push so hard north at the moment? Take a look at the green arc pattern, this is trying to show how pro money have likely consumed the majority of the sellers as price was dropping, thus clearing the path for buyers in the meantime.
Pending/P.A confirmation orders:
• The Pending buy order (Green line) set just above the round number 0.89000 at 0.89042 is now closed, our final take-profit level was hit at 0.89514.
• P.A confirmation buy orders (Red line) are seen just above the low 0.88546 at 0.88586. The reason that a P.A confirmation buy order was set here rather than a pending buy order was simply because there is no logical area for a stop loss, and the low (level above) will be likely prone to deep tests, or worse, a positive break below, hence the need to wait for confirmation.
• The pending sell order (Green line) set just below the highs 0.89557 at 0.89514 was stopped out.
• New pending sell orders (Green line) are seen just below the round number 0.90000 at 0.89974. The reason a pending sell order was set here is because there is a logical area for a stop-loss order, and this is a huge round number level which will likely see a reaction on its first touch.
• No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.89042 (Closed in full profit) (SL: 0.88886 TP: 0.89243 0.89514). P.A.C: 0.88586 (SL: Dependent on price action after the level has been confirmed TP: Dependent on approaching price action after the level has been confirmed).
• Areas to watch for sell orders: P.O: 0.89974 (SL 0.90140 TP: Dependent on price approach). P.A.C There are currently no P.A confirmation sell orders seen in the current market environment.