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PRICE IS COMPRESSING DOWN TOWARDS THE DAILY DEMAND. GOOD OPPORTUNITY TO LOOK FOR LONGS.
Potential 3-drives pattern. There is still an unfilled gap in the 1.428 area...
I'll keep an eye on the H1 and M15 charts for a SHORT entry...
One (in my opinion) possible option for a short trade;
The grey colored Daily Demand zone is tested twice and absorbed.
The Daily Demand is still in control but the upcoming Daily Supply is fresh. Price should react there.
From the recent (fresh) Daily Demand up, the price haven't been respected and if it hit the fresh Daily Supply first, the price should pull ...
-Weekly Demand in control.
-Previous Weekly Supply broken.
-Wait till price hits Monthly Supply
Weekly & Daily supply in control. On the lower timeframe the price pulled back to the 4hr supply zone.
Price should drop to 4hr demand zone.
Looks like the uptrend was broken and price dropped to the previous base for the rally up. Waiting for price to pullback to recent supply zone before going short.
See chart; price hit D supply area.
GPB is weak, JPY is strong(er)
Monthly, Weekly and Daily chart --> SELL
Price broke previous demand zone, and price now pulled back to this area. SELL in my opinion.
Lets see how this works out...