Current Market Status: Weakly Bearish
Reason: Euro is weaker still from a fundamental standpoint and pair has closed lower for 5th week running. 4hr Demand xzone was mitigated on Monday and no real long term response. However we are running into a Weekly Demand zone and 2 month low which might provide some support. Additionally all good trends come to an end (Hopium inhaled). From a technical standpoint this weeks PA while Bearish was choppy after taking out 3rd Aug SL and distinctly without strong momentum
Moving forward i expect price to continue moving south testing the last 6 July swing lows and the next Demand at around 1.08. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this although 1.09 didn't offer up much of a fight
It could of course head north to the trendline liquidity and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!
Reason: Euro is weaker still from a fundamental standpoint and pair has closed lower for 5th week running. 4hr Demand xzone was mitigated on Monday and no real long term response. However we are running into a Weekly Demand zone and 2 month low which might provide some support. Additionally all good trends come to an end (Hopium inhaled). From a technical standpoint this weeks PA while Bearish was choppy after taking out 3rd Aug SL and distinctly without strong momentum
Moving forward i expect price to continue moving south testing the last 6 July swing lows and the next Demand at around 1.08. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this although 1.09 didn't offer up much of a fight
It could of course head north to the trendline liquidity and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.