Daily Timeframe: The shows that the market has found support around the 1187.02 mark. Assuming that the buyers keep us this enthusiasm, we can likely expect prices to test the daily decision-point supply area at 1235.51-1222.37 (located just below the weekly swap level mentioned above at 1244.08).
4hr Timeframe: The 4hr timeframe shows that price has recently faked above a nice-looking 4hr supply area coming in at 1207.45-1201.61, no doubt stopping countless traders out (including us).
We believe a decision needs to be made here. If the buyers intend on taking prices higher, then there is very little selling opposition seen until a small 4hr supply area at 1226.52-1220.97 (located just within a daily supply area at 1235.51-1222.37), since all we see to the left is consumed supply – check out the consumption wicks at: 1213.21/1214.88. However, if a fakeout is seen here, then the path south is relatively free down towards 1182. 01 , as most of the buying opposition has likely already been taken out already around 1191.82.
We are going to be watching current price to see how lower-timeframe price action behaves. If we see a positive set up either long or short, we will not hesitate to take the signal and place our order.
• Buy orders: Flat (Predicative stop-loss orders seen at: N/A).
• Sell orders: Flat (Predicative stop-loss orders seen at: N/A).