Price has just confirmed a new higher high on the H4 timeframe, sweeping liquidity above the most recent bullish candle and then closing below its low with a strong bearish body.
After a brief retracement upward, price failed to break the previous higher high. This suggests the possible formation of a supply zone, but it is still too early to consider short positions.
If price breaches 1.17460 without breaking above the most recent higher high, this would confirm an ABCD pattern within the premium zone. If that setup completes, I will begin looking for bearish confirmation on lower timeframes, particularly M5, which I am currently focused on.
My short-term target would be the recent buy zone around 1.16375.
Keep in mind that the market moves in waves. We may see several pullbacks, minor changes of character, or even full structural shifts on lower timeframes. This technical setup remains in development and will require confirmation as price action evolves.
Stay patient. Let the structure speak.
StarseedFX
After a brief retracement upward, price failed to break the previous higher high. This suggests the possible formation of a supply zone, but it is still too early to consider short positions.
If price breaches 1.17460 without breaking above the most recent higher high, this would confirm an ABCD pattern within the premium zone. If that setup completes, I will begin looking for bearish confirmation on lower timeframes, particularly M5, which I am currently focused on.
My short-term target would be the recent buy zone around 1.16375.
Keep in mind that the market moves in waves. We may see several pullbacks, minor changes of character, or even full structural shifts on lower timeframes. This technical setup remains in development and will require confirmation as price action evolves.
Stay patient. Let the structure speak.
StarseedFX
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.