Bull market structure has flipped bullish early in the week.
0:0 Monthly Timeframe
1:42 Weekly timeframe
3:22 Daily timeframe
5:04 4hr timeframe
7:30 Bearish Channel from last week
9:07 1hr timeframe
The Market can do anything and it is always right. With that said, it's still okay to create a forecast. Looking at the way price respected 1.0853 Daily support level during Friday's NY session gives confidence for a relief rally. Also Friday's daily range was small compared to the rest of the week & it closed as a Doji. These are confluences and I'm using this critical thinking to arrive at possible scenario. If price fails to make it past 1.0883 1Hr resistance zone then we will likely retreat towards 1.0869 where there are (2) 1hr support zones. Otherwise I'm anticipating an early in the week push towards 1.089 4hr resistance zone and 1.09 which was weekly support level. 1.09 may now act as a weekly resistance zone since the weekly candle last week just closed below it. it may facilitate a selloff with this new week down to our next weekly support level 1.07
0:0 Monthly Timeframe
1:42 Weekly timeframe
3:22 Daily timeframe
5:04 4hr timeframe
7:30 Bearish Channel from last week
9:07 1hr timeframe
The Market can do anything and it is always right. With that said, it's still okay to create a forecast. Looking at the way price respected 1.0853 Daily support level during Friday's NY session gives confidence for a relief rally. Also Friday's daily range was small compared to the rest of the week & it closed as a Doji. These are confluences and I'm using this critical thinking to arrive at possible scenario. If price fails to make it past 1.0883 1Hr resistance zone then we will likely retreat towards 1.0869 where there are (2) 1hr support zones. Otherwise I'm anticipating an early in the week push towards 1.089 4hr resistance zone and 1.09 which was weekly support level. 1.09 may now act as a weekly resistance zone since the weekly candle last week just closed below it. it may facilitate a selloff with this new week down to our next weekly support level 1.07
Comment:
Buyers reclaimed 1.09 as was anticpated. Now we can observe selling pressure as we transition into the new 4hr candle here. The previous 4hr candle that touched into 1.09 weekly resistance zone had a larger top wick than a body on the candle. We are observing Lower Low's and Lower High's as we respect 1.09. In my original publishing " 1.09 may now act as a weekly resistance zone since the weekly candle last week just closed below it" and "1.09 may now act as a weekly resistance zone since the weekly candle last week just closed below it" . We may go retest 1.09 a few more times first before we really begin to start selling off. Otherwise I am looking for 1.07 later this week.
Trade closed: target reached:
" Otherwise I'm anticipating an early in the week push towards 1.089 4hr resistance zone and 1.09 which was weekly support level. 1.09 may now act as a weekly resistance zone since the weekly candle last week just closed below it. it may facilitate a selloff with this new week down to our next weekly support level 1.07"
