Weekly Timeframe: The weekly timeframe shows that further buying was seen last week. This move gave us further cause to believe that the 1136.30 level is a solid area of demand. To the upside, there seems to be very little resistance in the way that could stop prices challenging 1244.08 again.
Daily Timeframe: The current situation on the daily timeframe clearly shows that sellers have entered the market. That being said though, our bias still remains long and will remain this way until price significantly closes below the major daily support swap level coming in at 1182.01.
4hr Timeframe: The 4hr timeframe reveals that price had indeed broken below the 1194.11 level, and as a result caused further selling to be seen.
An area we have eye on at the moment is seen marked in green between the daily support flip level mentioned above at 1182.01, and a minor 4hr resistance flip level coming in at 1174.33. In our opinion, this area provides a stable platform in which to begin looking for confirmed buying opportunities. We say confirmed here simply to avoid a fakeout, but if one had the risk appetite, they could possibly place a small pending buy order around 1183.11, and see how price reacts.
Buy/sell levels:
• Buy orders: 1183.11 (Predicative stop-loss orders seen at: 1172.67).
• Sell orders: N/A (Predicative stop-loss orders seen at: N/A).