Price is currently moving in a Ranging structure on the one hour time frame.
We now have 1845 as the Range top, and the new Range bottom is 1808.70.
The defense by the Bulls (at 1804 zone), is currently holding as Bears find the zone difficult to break.
It appears as if we now have a Higher Low at the 1808 level, where we have price bouncing off the 200 SMA.
However, Sellers were unable to close price below the 1808 zone (Higher Low area).
Bears were unable to push price lower to 1797 zone in a bid to achieve a full break of the current Bullish structure.
Basically, Range structure is intact on the 1hr time frame. Price is now Ranging and Bulls may want to break the Range top.
A break of the Pivot level (1821 area) will take price to 1814 zone (Support 1).
However, a break above Resistance 1 (1834 area) will take price to Range Top (1845 zone).
The Resistance at the 1842 area, is currently holding.
Buyers were unable to push price to 1842 level in the last session.
More Sellers are now lining at the Resistance 1 area (1834 zone). This is now the first hurdle before the Bulls.
A break of 1814 level (Support 1) will push price down towards 1808 zone.
If 1808 level gives way, the next Support level is 1801 (Support 2) .
Technically, price is Ranging on the 1hr time frame.
That said, Bulls have already doubled the reinforcement below Support 1 at 1814 zone, ready to defend that zone.
A stronger Support zone is at 1797 area.
We believe that this zone will serve as a major support near term.
Buyers will now try, by all means to push price above Resistance 1 (1834 zone).
The 200 Simple Moving Average SMA is currently below price at the 1811 area.
It (200 SMA) is also turning up at a much faster rate towards price.
Levels to watch on 1hr time frame:
Resistance: 1834, 1841, 1845 and 1854.
Support: 1821, 1814, 808 and 1801.
4 hr Time Frame:
Here, we will be taking a look at the Golden Cross on the 4 hour time frame.
Currently on the 4 hour time frame, the Golden Cross is still in place as the 50 SMA crossed above the 200 SMA at 1729 area.
Bulls took total advantage of the opportunity back then (15th April 2021), and it is currently a leverage for the Bulls.
Price is now far above the 50 SMA.
The effect of the current Bullish Golden Cross is still strong. Price may see more upside movement as a result of this.
Price is now Ranging at this point.
Sellers may have some level of hope if price drops below the 50 SMA.
Price bounced off the 50 SMA at the 1811 zone.
Daily Time Frame:
Market opened at 1827.05 well above previous Day pivot.
Bears may want to seize advantage and possibly push price downwards by the end of the day.
Price is currently Ranging on the Daily chart.
Range top is 1845, Range bottom is now 1808.
Medium Impact news for today is ECB Monetary Policy Meeting Accounts data coming up in the London session at 11:30 GMT.
High Impact news for today is U. SRetail Sales data coming up in the Newyork session at 12:30 GMT.