Daily Timeframe: The shows that further buying was seen yesterday consequently breaking above a daily supply area seen at 119.820-118.700. Assuming that the majority of sellers have been consumed here, the path north would likely be clear up to a daily supply area coming in at 122.610-121.540, which beautifully surrounds the aforementioned weekly Quasimodo beautifully.
4hr Timeframe: We mentioned in the previous analysis that we were looking to buy the retest of 119, but as we can all see this never got hit. The recent buying momentum has formed a 4hr demand area seen at 119.116-119.323, which could provide a nice base from which to enter long from if price returns (tentative buy orders seen just above at
119.361). With the higher timeframes indicating that prices could indeed continue to rally higher, we would usually set a pending buy order above a demand area such as this. However, with the psychological level 119 floating just below, it could be too tempting for pro money to fake prices lower. Therefore, lower-timeframe confirmation will be required for any buy trades taken here.
• Buy orders: 119.361 (Predicative stop-loss orders seen at: 118.935).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).