The broader market structure on the 1-hour chart shows a clear downtrend with successive lower highs and lower lows. A Change of Character (CHoCH) is marked at 111.35, indicating a potential reversal after the recent strong bullish move from the demand zone below. However, no Break of Structure (BOS) has yet been confirmed on the upside, so caution is still warranted until a clean high is taken.
In terms of supply and demand, the lower grey zone near 111–113 acted as a strong demand area, where buyers stepped in aggressively, triggering a sharp reversal to the upside. This suggests a high-probability area where institutional buying may have occurred. Above, there’s a supply zone between 118.50–119.50, from which price previously dropped rapidly. This indicates strong selling pressure and unfilled orders still residing there.
Price is currently approaching this supply region after a strong impulsive rally from the demand base. Within the marked region, price action is climbing with momentum, printing higher highs and shallow pullbacks. We may see price tap into the 118.50–119.50 supply and react—either rejecting lower or consolidating before pushing higher.
The current trade bias is bullish, with expectations for price to test the 118.50–119.50 supply zone. However, invalidation of this bias would occur if price breaks below 114.80, which would suggest loss of bullish momentum and a possible revisit of the demand zone near 112.
Momentum currently favors buyers, as seen by strong bullish candles and minimal bearish follow-through. There are no major candle reversal patterns yet, indicating continuation remains probable for now.
In terms of supply and demand, the lower grey zone near 111–113 acted as a strong demand area, where buyers stepped in aggressively, triggering a sharp reversal to the upside. This suggests a high-probability area where institutional buying may have occurred. Above, there’s a supply zone between 118.50–119.50, from which price previously dropped rapidly. This indicates strong selling pressure and unfilled orders still residing there.
Price is currently approaching this supply region after a strong impulsive rally from the demand base. Within the marked region, price action is climbing with momentum, printing higher highs and shallow pullbacks. We may see price tap into the 118.50–119.50 supply and react—either rejecting lower or consolidating before pushing higher.
The current trade bias is bullish, with expectations for price to test the 118.50–119.50 supply zone. However, invalidation of this bias would occur if price breaks below 114.80, which would suggest loss of bullish momentum and a possible revisit of the demand zone near 112.
Momentum currently favors buyers, as seen by strong bullish candles and minimal bearish follow-through. There are no major candle reversal patterns yet, indicating continuation remains probable for now.
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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.
Looking for powerful AI trading signals? Visit ProSignal.ai and take your trading to the next level! or join our telegram channel at t.me/prosignalai
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.