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.
The buyers seem to have well and truly consumed most of the sellers around the high marked with an arrow at 0.89311. We could very well see a retracement from here down to the low 0.89103, or even back down to the round number 0.89000.
At the time of writing, price does appear to be clear of any supply trouble areas up to around the high 0.89557, again, it does seem repetitive, but it really pays to remember what the purple represents (it is not to resemble a downtrend as such, it is more to show how pro money have likely consumed supply/sellers as price was dropping possibly clearing the path for a nice advance back up to the high 0.89557).
Taking all of the above into consideration, we fully expect to see higher prices very soon, but we are aware a small retracement may happen before.
Pending/P.A confirmation orders:
• The Pending buy order (Green line) set just above the round number 0.89000 at 0.89042 is still active. The first take-profit target set at 0.89243 has been hit, so do keep an eye on our second and final take-profit level 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.
• Pending sell orders (Green line) are seen just below the highs 0.89557 at 0.89514. The reasoning behind setting a pending sell order here is simply because the sellers proved to us that this level is worthy by consuming the buyers around the low 0.89245, thus permitting us to set this type of order.
• 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 (Active – 1st take-profit level hit) (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: 0.89514 (SL 0.89624 TP: Dependent on price approach). P.A.C There are currently no P.A confirmation sell orders seen in the current market environment.