the market broke the previous daily high 'marked by red ray' with a strong impulse to the upside creating a new high around 1.12500 not counting the wick, a major psychological level. to this strong move to the upside we then see a correction to the downside to the previous broken daily level/strong support because of the wick and bounces from that level in the past. we now are at a point where the market is stalling/accumulating order to either head long or short, we don't
know. we also have FOMC coming out later today so I could see price spike around this level because of the volatility before heading higher or lower,
personally I would wait for this days candle closure because of the news and its impact. to look for long I would wait for a candle closure above the todays candle or opposite and then possibly wait for a engulfing candle to form on the 4 hour breaking structure.
I could be wrong so trade at your own risk
know. we also have FOMC coming out later today so I could see price spike around this level because of the volatility before heading higher or lower,
personally I would wait for this days candle closure because of the news and its impact. to look for long I would wait for a candle closure above the todays candle or opposite and then possibly wait for a engulfing candle to form on the 4 hour breaking structure.
I could be wrong so trade at your own risk