As price rejects our weekly Level 1.066 which began on May 31st, we map a possible scenario in which we may jump on the train with long positions. I am anticipating the new weekly candle to pullback first and create a bottom wick as most weekly candles contain. Price has arguably been in a range for the past 2 weeks. The Last 2 red folders news events last week assisted in the increase of price. I am anticipating the same sort of price action this week with CPI ( which is expected to decrease and in theory pump risk assets liek EUR) and Interest rates to be catlalysts for a further increase in price. I idea is that the general consensus for interest rates being held at the same rate supports our preceding trend to the upside. Because it will be priced in and the status quo maintains. The trend is developing to the upside and some news releases will act as a catalyst for a continuation or an excuse to pullback for lower price opportunities.
If this bias blows over we may simply obersve a contiued rnage on Eurusd between Support level 1.06902 Daily Support level and 1.0776 (averaged) Daily resistance level.
This range scenario or descent on Eurusd will occur if we observe risk off sentiment as crypto continues to plummet and we observe a correction on the U.S. stock indices.
Institutions and other large players will crowd into buying the dollar and our ascent to 1.078 will look nothing more than a pump to lure in Late long liquidity as we fall back to 1.066 weekly level.
If this bias blows over we may simply obersve a contiued rnage on Eurusd between Support level 1.06902 Daily Support level and 1.0776 (averaged) Daily resistance level.
This range scenario or descent on Eurusd will occur if we observe risk off sentiment as crypto continues to plummet and we observe a correction on the U.S. stock indices.
Institutions and other large players will crowd into buying the dollar and our ascent to 1.078 will look nothing more than a pump to lure in Late long liquidity as we fall back to 1.066 weekly level.
Comment:
Price has pumped up for London Session as was anticipated. We have consequently pulled back which was also anticipated. Price has pulled back after creasing the previous week's high prices at 1.07816 and rejected the Daily resistance level. Price will most likely range now until CPI @ NY session tomorrow. Expecting ranging prices for upcoming asian and london sessions.
Comment:
Comment:
Price is ahead of schedule as it moves to the upside. We are ranging now on the 1Hr timeframe after spiking up with CPI data. As long as daily candle closes above 1.0782 Daily level then we may anticipate more upside leading up to Interest rates during late NY tomorrow. This implies though that we may pullback with asian session or london session near 1.0782 Daily S/R level
