Last night I suggested bulls stepping up and defending 1.2475 as constructive price action. Well the price area indeed turned off the selling spigot and ushered in a rally back up to recent swing highs:
If buyers are able to build value near these highs, the constructive price behavior suggests we could see the swing high taken out. As much as I would like tomorrow (today) to be Friday, we can carefully watch where the next value is established and if positioning into this week’s news events is supported by the volume footprint being established:
Overhead resistance bulls need to clear: 1.2572 and things could really get moving above of 1.2585.
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Great read and thanks for your input on the market profile.