Daily Timeframe: The shows that after the daily supply area at 119.196-118.041 was consumed last week, the path north was effectively cleared up to a daily supply area seen at 121.838-120.668. However, given that the aforementioned weekly Quasimodo (encapsulated by a daily supply area at 122.610-121.540) is lurking just above this area of supply, we expect this area to be faked.
4hr Timeframe: As reported in the previous analysis, we were reluctant to sell this pair because of where price is currently located on the higher timeframes (see above). Effectively, we have seen very little selling interest on this pair since the open (119.494), and this has consequently forced price above a small 4hr supply area (119.899-119.668) into the round number 120. Providing that the buyers do not give up and a close above here is seen, there could potentially be an opportunity to buy the retest targeting the 4hr supply area seen above at 120.992-120.668.
From now until Christmas Eve, we’re only looking for trades with small targets, essentially looking to play the bounces, as irregular liquidity can sometimes distort what would normally be tradable price action.
Current buy/sell levels:
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).