As Bank Holiday Trading comes to a close, we can observe another Bearish Daily candle. The Eur is weak through the holiday trading and the U.S dollar advance is yet to give in. The dollar index is a little bit better than B.E. on the day. For Eurusd :
- Watch 1.07116 4Hr Support zone closely. A Strong 4Hr candle closure rejecting this level may send us quickly back up to 4Hr resistance Zone 1.074 and next we may retest our most recent Daily Level ( Daily S/R Zone 1.076 )
- A touch into our 1.0665 Weekly Zone In my opinion is very likely and will coincide with the 6 Red folder news releases we have this week.
- We have alot of news this week and we must be aware during our trading
- Bull targets for the week include 1.08125 Daily Resistance Level
- Bear Targets for this week include a touch into 1.06245 Daily Support Level
No trading today since it is a bank holiday. Less opportunity in a low volume market. At least when it comes to the parameters of my trading plan.
Safe Trading.
- Watch 1.07116 4Hr Support zone closely. A Strong 4Hr candle closure rejecting this level may send us quickly back up to 4Hr resistance Zone 1.074 and next we may retest our most recent Daily Level ( Daily S/R Zone 1.076 )
- A touch into our 1.0665 Weekly Zone In my opinion is very likely and will coincide with the 6 Red folder news releases we have this week.
- We have alot of news this week and we must be aware during our trading
- Bull targets for the week include 1.08125 Daily Resistance Level
- Bear Targets for this week include a touch into 1.06245 Daily Support Level
No trading today since it is a bank holiday. Less opportunity in a low volume market. At least when it comes to the parameters of my trading plan.
Safe Trading.
Comment:
Price is Moving as Anticipated as you can observe from the curved arrow's denoting price direction. Price moved up for some liquidity and now I am looking for it to come down. 1.0665 is a good nearby target. The closest Higher time frame Level it happens to be.
Comment:
The 4Hr Candle is closing below our 4Hr zone ( 1.07116) as we approach the 2nd london session of the week. Looking for another bearish candle to continue the trend to 1.0665 weekly level
Comment:
Price moved down as expected touching not quite into our 1.0665 weekly level but bounced off our trendline. It kicked back as finally we saw the Eurusd longs showup pushing us back up to the top of our range at 1.074 4Hr Zone. I just shorted at this zone and it was a very nice scalp.
Comment:
Price has followed our analysis quite well as it just dipped into our weekly level 1.0665 and bounced hard. I can viusalize the bulls giving a good effort for the rest of the week as denoted in my directional arrows. The bulls can take us back to 1.08125 Daily level and I wouldn't be surprised. However I would've be surprised either if Eurusd wants to consolidate at 1.0665 with all these red folder news events until NFP on Friday. I'll be prepared for both scenarios. If Eurusd wants to dip below 1.0665 and do a break and retest for sells then we will adjust accordingly.
Comment:
The U.S. Dollar was over-extended. This fact coincided with a weekly level on Eurusd. Our Bull target for the week was 1.08125 and we are well on our way. I was anticipating the market to begin making it's move later on in the week with the plethora of red folders news events scheudled. We have done just that as we consolidated for a short while above 1.06643 weekly level. The Bulls on Eurusd accumulated their orders and we can now observe the push we were looking for. We rejected the bottom of the descending channel while simultaneously respecting our Weekly Support level. We dipped below it temporarily during NY session yesterday but price was quickly bought back up. Jolts job openings helped decrease price to create the low on the weekly candle.
