Weekly Timeframe: At the time of writing, the weekly timeframe shows price is holding nicely within weekly supply at 0.94546-0.93081. Should this pair see a sell off, we can likely expect active buyers to come into the market around the weekly resistance flip level at 0.90927.
Daily timeframe: Consolidating price action is currently being seen on the daily timeframe between a daily decision-point level at 0.93019, and a daily supply area above at 0.94546-0.93702. Selling at the aforementioned weekly supply area looked like a fantastic opportunity to get into a long-term short position (assuming price could overcome the 0.90927 level); things did not look so good once we went down to the daily timeframe, and spotted the very obvious-looking daily decision-point level (level above), since this level would (in our opinion) need to be consumed before lower prices are seen in the market.
4hr Timeframe: On the 4hr timeframe, we get the chance to see the daily timeframe consolidation up close and personal. Considering price is currently trading around a notable weekly supply area (levels above), there does not seem to be much selling interest coming into the market at the moment.
Buying interest is currently being seen around a minor 4hr resistance flip level at 0.93257, not a great sign for our current short trade at 0.93845. If this buying here is genuine, tighten your seat belts because a strong rally may be seen up to at least the round-number level 0.94. Why could prices be pushed this far north? The high marked with a red circle at 0.93717 has essentially broken into a consumed supply price zone. Take a quick look at the blue downtrend line, this line is not used to represent a trend as such, it is more to try and demonstrate that pro money have likely consumed most of the sell orders while price was falling (this being the consumed supply zone), the wicks (0.93670/0.93727) marked with blue arrows are possibly where pro money were collecting unfilled sell orders as price was dropping, whilst doing this, they were essentially clearing the path north for any future buying.
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: Consolidating price action is currently being seen on the daily timeframe between a daily decision-point level at 0.93019, and a daily supply area above at 0.94546-0.93702. Selling at the aforementioned weekly supply area looked like a fantastic opportunity to get into a long-term short position (assuming price could overcome the 0.90927 level); things did not look so good once we went down to the daily timeframe, and spotted the very obvious-looking daily decision-point level (level above), since this level would (in our opinion) need to be consumed before lower prices are seen in the market.
4hr Timeframe: On the 4hr timeframe, we get the chance to see the daily timeframe consolidation up close and personal. Considering price is currently trading around a notable weekly supply area (levels above), there does not seem to be much selling interest coming into the market at the moment.
Buying interest is currently being seen around a minor 4hr resistance flip level at 0.93257, not a great sign for our current short trade at 0.93845. If this buying here is genuine, tighten your seat belts because a strong rally may be seen up to at least the round-number level 0.94. Why could prices be pushed this far north? The high marked with a red circle at 0.93717 has essentially broken into a consumed supply price zone. Take a quick look at the blue downtrend line, this line is not used to represent a trend as such, it is more to try and demonstrate that pro money have likely consumed most of the sell orders while price was falling (this being the consumed supply zone), the wicks (0.93670/0.93727) marked with blue arrows are possibly where pro money were collecting unfilled sell orders as price was dropping, whilst doing this, they were essentially clearing the path north for any future buying.
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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