Intraday Support Being Tested
This has been a very interesting market to chart and follow in recent times on both the higher and smaller time frames.
After making a large move higher on the 4 hour chart from the huge 2 bar reversal we discussed, price has now wiped off most of those gains.
Price is testing the recent intraday support level that looks an important short-term level.
For price to regain some momentum this level will need to hold.
A period of consolidation on the 4hr/1hr time frames would not be surprising after the recent price action and where price currently sits.
After making a large move higher on the 4 hour chart from the huge 2 bar reversal we discussed, price has now wiped off most of those gains.
Price is testing the recent intraday support level that looks an important short-term level.
For price to regain some momentum this level will need to hold.
A period of consolidation on the 4hr/1hr time frames would not be surprising after the recent price action and where price currently sits.
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