A New week and Eu continues the descent 💎
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Eurusd is currently jumping around inside a tight intra-day range. Eurusd appears to be rejecting our 4Hr S/R Zone and maybe EU will turn into another textbook opportunity to sell a resistance zone in a downtrend. We have bearish momentum and a wick to fill on the previous week's bottom wick. The previous week's bottom wick currently stretches 45 pips that we can easily go fill. London Open appeared to want to drop to the downside but the market was not ready. For New York we have returned to the top of the range and the bulls are struggling. The NY Open 1Hr candle attempted to make a move up but ended up leaving a wick and closing back inside our 4hr range between
1.082 4Hr Zone and 1.0806. A tight knit 14 pip range possibly distributing to the downside. Another clue is the 4Hr candle that closed 1Hr ago, failing to close above 1.082 4Hr S/R Zone.
The Daily Candle has been bullish but the upside has been limited due to our 4Hr 1.082 Level. (Sellers are protecting this area) The Daily Candle keeps testing buyers as it threatens to flip at our 4Hr Support level 1.0806. This is where the market opened at Asian yesterday and if 1.0806 4hr zone doesn't hold then we will be looking towards a retest of 1.078 1Hr Zone in which we would be filling the previous week's bottom wick with momentum. Momentum that has been carried over from the previous week. Looking for this price 1.078 soon or we may range longer and will have to re-evaluate.
1.082 4Hr Zone and 1.0806. A tight knit 14 pip range possibly distributing to the downside. Another clue is the 4Hr candle that closed 1Hr ago, failing to close above 1.082 4Hr S/R Zone.
The Daily Candle has been bullish but the upside has been limited due to our 4Hr 1.082 Level. (Sellers are protecting this area) The Daily Candle keeps testing buyers as it threatens to flip at our 4Hr Support level 1.0806. This is where the market opened at Asian yesterday and if 1.0806 4hr zone doesn't hold then we will be looking towards a retest of 1.078 1Hr Zone in which we would be filling the previous week's bottom wick with momentum. Momentum that has been carried over from the previous week. Looking for this price 1.078 soon or we may range longer and will have to re-evaluate.
Nota
Price has gone down 1.078 as anticipated and it looks like we may be dipping into our 1.07597 Daily Level. We may see some sort of double bottom formation here for the bulls. Nota
For Bears our weekly target is 1.06647 and all sells if we can break and stay below 1.07597Nota
For Bears our weekly target is on schedule and playing out as anticipated ( 1.06647 ). At this point we would like bears to hold below 1.076 Daily Level. As shown in the graphic and denoted by our arrows, we would like to see a break and retest at this level. A break and retest at 1.0749 1Hr Zone during the next few sessions could offer nice Risk/Reward for bears as we consequently descend to our next level (Weekly Zone 1.06647). The risk reward at these prices is greater for our medium term bulls and so bears must be cautious selling into support here at 1.076 Daily key level.Nota
The week in a nutshellSticking to Sells was the right move
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