Fundamental
-Week ago we have seen U.S unemployment rate went up and CPI didn't change that much and ECB conference official were seemingly have confidence about the future economy of eurozone during the conference when several investors tried to dig in about the future plans to overcome inflation in case it became an issue
-General unemployment rate is so high, Retail sale, ISM Manufacturing PMI has shown decreasing which indicating a weakness in US in future economy
Inter National Analysis
-After the unemployment rate XAUUSD push up with huge amount of pips and EUR is an anti dollar currency.
Technical Analysis
Elliot wave
-The instrument has showed 3-3-5 correction complete due to some other technical tools the rules for the first wave was violated due to the market want to fulfil Wyckoff cycle pattern an d smart money concept hence rule violated
Wykoff Cycle
-Spring has been formed and volume signature could confirm the scenario
Smart Money Concept
-Price formed an bullish candlestick and mitigation occurred which mean the next target is at the next supply zone and we can see along the supply zone there is FTC liquidity which means the price will pass that zone to the next zone.
Football vs trading
-I wont dwell much on this theory i have been developing up to now but my analogy is trading is similar to football pitch as an couch
-Week ago we have seen U.S unemployment rate went up and CPI didn't change that much and ECB conference official were seemingly have confidence about the future economy of eurozone during the conference when several investors tried to dig in about the future plans to overcome inflation in case it became an issue
-General unemployment rate is so high, Retail sale, ISM Manufacturing PMI has shown decreasing which indicating a weakness in US in future economy
Inter National Analysis
-After the unemployment rate XAUUSD push up with huge amount of pips and EUR is an anti dollar currency.
Technical Analysis
Elliot wave
-The instrument has showed 3-3-5 correction complete due to some other technical tools the rules for the first wave was violated due to the market want to fulfil Wyckoff cycle pattern an d smart money concept hence rule violated
Wykoff Cycle
-Spring has been formed and volume signature could confirm the scenario
Smart Money Concept
-Price formed an bullish candlestick and mitigation occurred which mean the next target is at the next supply zone and we can see along the supply zone there is FTC liquidity which means the price will pass that zone to the next zone.
Football vs trading
-I wont dwell much on this theory i have been developing up to now but my analogy is trading is similar to football pitch as an couch
Comment:
We can partially take profit now on EurUsd