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.
In our opinion there is not much to go on at the moment in the higher timeframes, so this pair remains difficult at best! The market opened up at 0.89242 with a pathetic push up seen from the buyers making a high of 0.89310. It was not long after that, the sellers showed the buyers who were boss as they slammed price down straight into the round number 0.89000 where the buyers have begun to show interest. No doubt this spike below the aforementioned round number stopped out millions of both traders attempting to go long there with too tight of a stop, and breakout sellers attempting to catch a possible break, think of all that liquidity for pro money!
If the buyers can push price above the high marked with an arrow at 0.89310, we may be in business! The area around this high could well be the last remaining supply area between the high above at 0.89557, again this is a snippet taken from the last analysis regarding what the purple represents: Take a quick a look at the small purple , this is not to resemble a trend 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.
Pending/P.A confirmation orders:
• The Pending buy order (Green line) set just above the round number 0.89000 at 0.89042 is now active, so do keep an eye out for our first take-profit target set at 0.89243.
• 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) (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.