Weekly Timeframe: The weekly timeframe still shows price is capped between a weekly supply area coming in at 0.98378-0.95895, and a weekly resistance flip level seen at 0.94546.
Daily Timeframe: An average-looking bearish pin-bar candle formed yesterday within a major daily supply area at 0.97505-0.96339 (located within the aforementioned weekly supply area). Does this mean we can expect lower prices down to around a daily resistance flip level coming in at 0.95583? Let’s take a look on the 4hr timeframe and see what we can find.
4hr Timeframe: The market opened 16 points higher than Friday’s close (0.96253) at 0.96422. From there on, the buyers continued to push higher, consequently seeing price spike above a 4hr supply area seen at 0.96876-0.96694, which no doubt stopped a ton of traders out who attempted to fade there. Could this be all the liquidity (buy stops for their sells) pro money require to sell further into this market? It could be possible, but judging how price is currently behaving, we believe they require more liquidity, which will likely result in a push above the psychological level 0.97 being seen. Just above here, there are without a doubt millions of traders trying to fade this level with their buy stops set too close just asking to be stopped out.
A lovely area to enter short at in our opinion would be after the expected fakeout, around the 4hr supply area located just above the aforementioned round-number level at 0.97505-0.97153 (active sell orders are likely set just below at 0.97138). This area also has extra weight, since we mustn’t forget that price is currently trading within both a weekly supply area seen at 0.98378-0.95895, and also the daily supply area coming in at 0.97505-0.96339.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 0.97138 (Predicative stop-loss orders seen at: 0.97535).
Daily Timeframe: An average-looking bearish pin-bar candle formed yesterday within a major daily supply area at 0.97505-0.96339 (located within the aforementioned weekly supply area). Does this mean we can expect lower prices down to around a daily resistance flip level coming in at 0.95583? Let’s take a look on the 4hr timeframe and see what we can find.
4hr Timeframe: The market opened 16 points higher than Friday’s close (0.96253) at 0.96422. From there on, the buyers continued to push higher, consequently seeing price spike above a 4hr supply area seen at 0.96876-0.96694, which no doubt stopped a ton of traders out who attempted to fade there. Could this be all the liquidity (buy stops for their sells) pro money require to sell further into this market? It could be possible, but judging how price is currently behaving, we believe they require more liquidity, which will likely result in a push above the psychological level 0.97 being seen. Just above here, there are without a doubt millions of traders trying to fade this level with their buy stops set too close just asking to be stopped out.
A lovely area to enter short at in our opinion would be after the expected fakeout, around the 4hr supply area located just above the aforementioned round-number level at 0.97505-0.97153 (active sell orders are likely set just below at 0.97138). This area also has extra weight, since we mustn’t forget that price is currently trading within both a weekly supply area seen at 0.98378-0.95895, and also the daily supply area coming in at 0.97505-0.96339.
Buy/sell levels:
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 0.97138 (Predicative stop-loss orders seen at: 0.97535).
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