USD Buyers Surprised by News Release 🎋 Hold or fold?
Manufacturing Data sent Eurusd price soaring 42 Pips in less than 11 minutes as the expected figure missed. Is the current Price sustainable for Eurusd?
The Weekly candle dipped down to down Daily Support Level 1.06684 and coinciding with manufacturing data we have rejected our Daily support level. In order for the current Daily candle to close bullish price needs to close above 1.07107.
Bullish Argument
- If the Daily candle closes where it currently sits, it looks like a Bullish hammer candle.
- A Bullish Hammer candle rejecting Daily Support Level 1.06884
- Price has retraced Asian session and London sessions's bearish descent
- I am anticipating a steady bullish recovery in EURUSD price since the meeting minutes on May 24 ( For more, please check the post " Ultimate Catalyst : Interest Rates News " )
- The Weekly candle last week closed as a Doji candle, an Indecision candle as bears ran into a wall at our weekly support zone 1.06643
Given all of this, It is very common to see News releases get corrected. I believe this will occur over the next few sessions as we could observe during the May 10th CPI announcement.
On this announcement Price initially spiked up with news. This occured only to see Eurusd price corrected as the market digested the news. It took 18 Hours before Eurusd corrected the May CPI news.
Price on Eurusd was decreasing to close out last week. This week price had only been decreasing with exception for the New York session manufacturing data news release.
I am anticipating Eurusd to range and gather more orders around 1.0688 Daily support before seeing anymore upside.
The Weekly candle dipped down to down Daily Support Level 1.06684 and coinciding with manufacturing data we have rejected our Daily support level. In order for the current Daily candle to close bullish price needs to close above 1.07107.
Bullish Argument
- If the Daily candle closes where it currently sits, it looks like a Bullish hammer candle.
- A Bullish Hammer candle rejecting Daily Support Level 1.06884
- Price has retraced Asian session and London sessions's bearish descent
- I am anticipating a steady bullish recovery in EURUSD price since the meeting minutes on May 24 ( For more, please check the post " Ultimate Catalyst : Interest Rates News " )
- The Weekly candle last week closed as a Doji candle, an Indecision candle as bears ran into a wall at our weekly support zone 1.06643
Given all of this, It is very common to see News releases get corrected. I believe this will occur over the next few sessions as we could observe during the May 10th CPI announcement.
On this announcement Price initially spiked up with news. This occured only to see Eurusd price corrected as the market digested the news. It took 18 Hours before Eurusd corrected the May CPI news.
Price on Eurusd was decreasing to close out last week. This week price had only been decreasing with exception for the New York session manufacturing data news release.
I am anticipating Eurusd to range and gather more orders around 1.0688 Daily support before seeing anymore upside.
Comment:
" It is very common to see News releases get corrected" and " I believe this will occur over the next few sessions" My words from the original publishing! So it took 22 Hours to correct the news and it happened as anticipated. Not surprised because this is a common occurrence in the markets
