This analysis is based on 4hrs.
EUR started from 1.0773, moved down up to 1.0725 and pulled back up and touched the crucial resistance 1.0828, and settled above the support of 1.0819. The crucial support in this move was 1.0780, which is FEB Monthly low. Market multiple times moved down below 1.0780 in the last 2 trading days and made sure it stays above the support 1.0780.
For the last 3 weeks or so we are stuck in the PRICE ZONE OF 1.0780 - 1.0930 (+/-50 pips). This is FEB monthly range. Since march and April were volatile given the present circumstances, this weekly close will give a Solid direction.
SCENARIO - 1 : I think market will retest this support level 1.0780 and harass it until bulls in 4hr candle settles above 1.0803. During this retest it could also move up to 1.0755 and manipulate the traders and settle above 1.0780. For bulls the last man standing i'd say is 1.0752. Remember, in this scenario the daily must close above 1.0815 for bulls to continue.
SCENARIO - 2 : In this it will retest up to 1.0803 and move all the way to 1.0880 a monthly resistance zone and Start to come down to 1.0780. Now, it could trade between 1.0770 - 1.0803 and will decide to move up to 1.09 or down to 1.07.
SCENARIO - 3 : If you could look deep in the chart, there is two 4hrs candle in opposite direction with the range of 1.0845 - 1.0755 (Last Thursday's), this could certainly act as the range until FED and make a decision later. So for SCALPING and RANGE trading this could be the price spot.
EUR started from 1.0773, moved down up to 1.0725 and pulled back up and touched the crucial resistance 1.0828, and settled above the support of 1.0819. The crucial support in this move was 1.0780, which is FEB Monthly low. Market multiple times moved down below 1.0780 in the last 2 trading days and made sure it stays above the support 1.0780.
For the last 3 weeks or so we are stuck in the PRICE ZONE OF 1.0780 - 1.0930 (+/-50 pips). This is FEB monthly range. Since march and April were volatile given the present circumstances, this weekly close will give a Solid direction.
SCENARIO - 1 : I think market will retest this support level 1.0780 and harass it until bulls in 4hr candle settles above 1.0803. During this retest it could also move up to 1.0755 and manipulate the traders and settle above 1.0780. For bulls the last man standing i'd say is 1.0752. Remember, in this scenario the daily must close above 1.0815 for bulls to continue.
SCENARIO - 2 : In this it will retest up to 1.0803 and move all the way to 1.0880 a monthly resistance zone and Start to come down to 1.0780. Now, it could trade between 1.0770 - 1.0803 and will decide to move up to 1.09 or down to 1.07.
SCENARIO - 3 : If you could look deep in the chart, there is two 4hrs candle in opposite direction with the range of 1.0845 - 1.0755 (Last Thursday's), this could certainly act as the range until FED and make a decision later. So for SCALPING and RANGE trading this could be the price spot.