As per the EURUSD this week, we hit a target that was stalked for a long time. As you can see the 1,09 level was a sensible one as it was the level retested after the consolidation ended in last Q2 2017. You can see obviously how the level was retested, so we can expect this level to have a certain degree of responsiveness now that we have hit it.
You can also observe how efficient was the market on the selling side since the beginning of Q3 2019. Every extension out of the consolidation was replicated with a perfect retest on the range. Now comes the tricky question, from the weekly perspective are we to keep respecting this market structure on the sell-side, or we are going to get some buying activity and a possible order flow switch considering that we have hit the 1,09 level.
On the daily basis, we see a possible order flow change at 1,0950 price level (marked in yellow). We can see how the price retested the range and pushed higher to the weekly level mentioned on the EUR/USD analysis (1,098). Also, a small retest on 1,1020 level (marked in yellow) could be seen. A week ranging between these 2 levels could be possible. Any successful retest on 1,095 level could mean that we are to see bullish moves within the next weeks.
The 1 hr. reinforces this view. As you can see, we stopped right on a liquidity zone that was correctly defined at the big figure level 1.10 zone. We can also see how a zone of liquidity has been created around the 1,094 zone, as the daily showed. This level should show some reaction in case we are to drop around here.
Also, worth to mention how efficient was the market on the buying side, with perfect retests in oldest ranges after each consolidation took place (market by purple lines)
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"There are three kind of lies: Plain lies, damned lies and statistics", Stock Markets Technique Number 2, Richard D. Wyckoff
You can also observe how efficient was the market on the selling side since the beginning of Q3 2019. Every extension out of the consolidation was replicated with a perfect retest on the range. Now comes the tricky question, from the weekly perspective are we to keep respecting this market structure on the sell-side, or we are going to get some buying activity and a possible order flow switch considering that we have hit the 1,09 level.
On the daily basis, we see a possible order flow change at 1,0950 price level (marked in yellow). We can see how the price retested the range and pushed higher to the weekly level mentioned on the EUR/USD analysis (1,098). Also, a small retest on 1,1020 level (marked in yellow) could be seen. A week ranging between these 2 levels could be possible. Any successful retest on 1,095 level could mean that we are to see bullish moves within the next weeks.
The 1 hr. reinforces this view. As you can see, we stopped right on a liquidity zone that was correctly defined at the big figure level 1.10 zone. We can also see how a zone of liquidity has been created around the 1,094 zone, as the daily showed. This level should show some reaction in case we are to drop around here.
Also, worth to mention how efficient was the market on the buying side, with perfect retests in oldest ranges after each consolidation took place (market by purple lines)
Join us on numanti.es and @Numanti_IP, for more analysis and insights.
"There are three kind of lies: Plain lies, damned lies and statistics", Stock Markets Technique Number 2, Richard D. Wyckoff