This pair hit the 0.8000 price level in February this year. The last time price got to this level was in January 2018 (3 Years ago). Let us look at the Market Structure.
Sellers used the SDE to keep price below the 0.7700 for sometime at the beginning of April. After that, we had a Build-up and Accumulation of Buy Orders from the DBR Untested Demand Zone (The Blue Rectangle Buy Area at the bottom of the Chart).
The Order Block from the RBR has been used two times now, so it is possible that all the orders in this area are gone (the zone is no longer fresh). Looking at the Chart, we have three Equal Highs created at the QM Level at 0.7815.
Since April, price has been moving in a range between the Order Block and 0.7815. A Breakout from this range is coming. There are unfilled orders around the 0.8000 Level is a clear Interbank level
We expect price to enter the Fakeout Zone to take Liquidity and then price should go higher to the Supply Zone at the QM head (the origin of the Imbalance). This is also the Daily Supply Zone.
The second option is for price to fall below the Order Block and drop to our Demand Zone.
Anyway it goes, we are ready with the pending orders.
Patience is a virtue. Good luck.
Sellers used the SDE to keep price below the 0.7700 for sometime at the beginning of April. After that, we had a Build-up and Accumulation of Buy Orders from the DBR Untested Demand Zone (The Blue Rectangle Buy Area at the bottom of the Chart).
The Order Block from the RBR has been used two times now, so it is possible that all the orders in this area are gone (the zone is no longer fresh). Looking at the Chart, we have three Equal Highs created at the QM Level at 0.7815.
Since April, price has been moving in a range between the Order Block and 0.7815. A Breakout from this range is coming. There are unfilled orders around the 0.8000 Level is a clear Interbank level
We expect price to enter the Fakeout Zone to take Liquidity and then price should go higher to the Supply Zone at the QM head (the origin of the Imbalance). This is also the Daily Supply Zone.
The second option is for price to fall below the Order Block and drop to our Demand Zone.
Anyway it goes, we are ready with the pending orders.
Patience is a virtue. Good luck.