Daily Timeframe: It appears with the recent selling interest being shown on the ; the daily decision-point demand area at 106.799-107.383 has been consumed. With this in mind, there will likely be a rally in price now, since a lot of buyers have potentially been stopped out, and once stopped, their orders become sells – perfect for well-funded traders to buy into (liquidity offering).
4hr Timeframe: As we can all see, the combined 4hr demand/round-number area at 106.799-107.048/107 has obviously been consumed as well, since this level sits deep within the daily decision-point demand area mentioned above at 106.799-107.383.
As already mentioned on the , we are expecting price to rally, however with price aggressively trading out of a weekly supply area at the moment, we feel it is unlikely price will be able to break above the sturdy-looking 4hr supply area coming in at 107.563-107.273. In fact, there are very likely active sell orders set just below at 107.224, which could make this a nice area to sell at!
• Buy orders: N/A (Predicative stop-loss orders seen at: N/A).
• Sell orders: 107.224 (Predicative stop-loss orders seen at: 107.603).