Following up on the last post back on Thursday Nov. 22 regarding market commentary.
Alternatively -scenario in which I´m leaning into- the next key area I am expecting 1.2947-1.2930 in which 1.2938 constitutes a key POC, followed by the 1.2960 area. Above 1.3010-1.2992, followed 1.3038-1.3020.
The pair extended the move to 1.3010, whch -as noted above- was within the top end of the range in one of the zones, again pretty much to the tick.
I have added thicker lines to denote swing areas, adding one more layer of information into my analysis, both in smaller and bigger time frames.
The pair is currently trading at 1.28922 as I´m writing this post into 1.2910-1.2866 in which buyers have acted, previously.
Although an important area of previous demand, there is still plenty of space below in which I´m expecting more rotation take place, provided 1.2880´s are breached with conviction.
Thus, 1.2880 is the new key price point in which I would expect buyers to take the stand.
If lost, I would we watching into lower areas of value, in which 1.2800 is another key level.
Therefore, provided the pair doesn´t experience an important inflow of buying action in 1.2880´s I´ll be leaning towards more downside, specially due to the lack of rotation into lower areas of value and the previous price action in terms of vertical development.
Thus, some areas I´ll be watching for buyer´s to act, provided 1.2880 doesn´t hold
On the upside, I´ll be looking for the following areas for sellers to act, provided 1.2880 holds
1.2780´s (another key area)