Weekly Timeframe: Sellers seem to have entered the market last week around a notable weekly supply area at 0.94546-0.93081, this selling has formed a bearish pin-bar candle, could we safely assume lower prices will be seen this week then?
Daily timeframe: Anyone considering selling based on the bearish pin-bar candle seen within weekly supply (levels above) may want to hold fire, since all price seems to have done is reacted off of a daily supply area at 0.94546-0.93702, and as a result, has traded very close to an obvious daily decision-point level at 0.93019. Now, if this daily decision-point level was already consumed, then yes on this timeframe, the weekly pin bar would essentially have room to move down to at least the daily demand area at 0.91251-0.91738, but since no break has been seen yet, traders would do well to sit on their hands at this point, and avoid clicking the sell button. Let’s see if there is any more information we can gather from the 4hr timeframe.
4hr Timeframe: We were fortunate to have a pending sell order set within 4hr supply (0.93911-0.93746) at 0.93845; this order was filled before the weekly pin-bar candle formed. Our first take-profit target was hit at 0.93464, and if price can successfully overcome the minor 4hr resistance flip level at 0.93257 this week, then our second take-profit target will very likely be hit just above the round number 0.93 at 0.93051.
Regarding whether the weekly pin-bar candle is genuine or not, the 4hr timeframe shows price could indeed move south down to the round number 0.93 with a little effort from the sellers. However, once price reaches this level, we’re effectively trading around the daily decision-point level mentioned above at 0.93019, so until this is area is consumed; we have no clear indication that prices will move lower this week, even if a nice-looking weekly pin-bar candle formed within weekly supply (levels above).
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 0.92635 (Stop loss: 0.92410 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 0.93845 (Active) (Stop loss: 0.94078 Take profit levels(s): 0.93464 0.93051).Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.
Daily timeframe: Anyone considering selling based on the bearish pin-bar candle seen within weekly supply (levels above) may want to hold fire, since all price seems to have done is reacted off of a daily supply area at 0.94546-0.93702, and as a result, has traded very close to an obvious daily decision-point level at 0.93019. Now, if this daily decision-point level was already consumed, then yes on this timeframe, the weekly pin bar would essentially have room to move down to at least the daily demand area at 0.91251-0.91738, but since no break has been seen yet, traders would do well to sit on their hands at this point, and avoid clicking the sell button. Let’s see if there is any more information we can gather from the 4hr timeframe.
4hr Timeframe: We were fortunate to have a pending sell order set within 4hr supply (0.93911-0.93746) at 0.93845; this order was filled before the weekly pin-bar candle formed. Our first take-profit target was hit at 0.93464, and if price can successfully overcome the minor 4hr resistance flip level at 0.93257 this week, then our second take-profit target will very likely be hit just above the round number 0.93 at 0.93051.
Regarding whether the weekly pin-bar candle is genuine or not, the 4hr timeframe shows price could indeed move south down to the round number 0.93 with a little effort from the sellers. However, once price reaches this level, we’re effectively trading around the daily decision-point level mentioned above at 0.93019, so until this is area is consumed; we have no clear indication that prices will move lower this week, even if a nice-looking weekly pin-bar candle formed within weekly supply (levels above).
Pending orders/Price action confirmation levels:
• Areas to watch for buy orders: Pending orders: 0.92635 (Stop loss: 0.92410 Take profit levels(s): Dependent on how price approaches). Price action confirmation levels: No price action confirmation buy levels are seen in the current market environment.
• Areas to watch for sell orders: Pending orders: 0.93845 (Active) (Stop loss: 0.94078 Take profit levels(s): 0.93464 0.93051).Price action confirmation levels: No Price action confirmation sell levels are seen in the current market environment.
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