The higher-timeframe picture resembles the following:
• Price is frustratingly consolidating above weekly demand at 0.85664-0.88124, and has been for several weeks now!
• Heavy buying into daily supply at 0.90372-0.90042 is currently being seen, if we see a break above this area, a likely push up to oncoming daily supply above at 0.91556-0.90985 will possibly happen.
Recent price action has seen price hit a 4hr supply area at 0.90372-0.90148 after breaking the round number 0.90000. Sellers then pushed price down to the round number, and from there a retest was seen, the buyers pushed price hard into the aforementioned 4hr supply area where once again selling action is being seen, take a look at all those wicks!
We must remember we are presently trading deep within daily supply at 0.90372-0.90042, so more selling could be seen soon, but judging by the beautiful reaction seen at the round number (level above), this level could be a fantastic area to buy from in the future.
Pending/P.A confirmation orders:
• New pending buy orders (Green line) are seen just above the round number 0.90000 at 0.90018. We would not normally set a pending buy order around a round number level such as this; however the first retest seen of this level gives us confidence to place an order such as this. • Pending buy orders (Green line) are seen just above the decision-point level (0.89540-0.89614) at 0.89624. A pending buy order was placed here because this area remains an important decision-point area where the buyers ‘decided’ to trade above multiple highs, and the round number 0.90000. • The P.A confirmation buy order (Red line) set just above the low 0.88546 at 0.88586 has now been cancelled, price rallied too far from the entry level.
• No pending sell orders (Green line) are seen in the current market environment. • No P.A confirmation sell orders (Red line) are seen in the current market environment.
• Areas to watch for buy orders: P.O: 0.89624 (SL: 0.89523 TP: Dependent on price approach) 0.90018 (SL: 0.89928 TP: Dependent on price approach). P.A.C: No P.A confirmation buy orders seen in the current market environment.
• Areas to watch for sell orders: P.O: No pending sell orders seen in the current market environment. P.A.C No P.A confirmation sell orders seen in the current market environment.