Momentum from last week ↘️ // Eurusd what's cooking? 👨‍🍳

We have a fair share of news events this week to shake things up. These news events will be a catlayst for a coniuation of momentum or the cause for a reversal in the short term here. Now the Monthly candle is closing at the end of this week and we must keep in mind that it is closing bullish. I don't anticipate this weekly candle to drop 222 pips but it's not impossible. The Weekly candle from last week closed bearish rejecting Daily Resistance Zone 1.098 and Weekly resistance zone 1.1024. The top wick rejection was larger than the body of the candle denoting a good amount of sell pressure on Eurusd. The Friday daily candle closed bearish taking out all the lows from earlier in the week. Ideally for this week we would like to see the previous weekly candle's bottom wick (Approximately 48 pips ) be filled with momentum carried over from the prior week. 1.09160 is a Daily and 4hr S/R Level and may act as an area for price to distribute and take us to lower prices. If price gets a close above there we have clean traffic back up to 1.09564 4hr resistance zone. Otherwise if price can get a solid candle close below 1.08845 4hr Support zone then we have a nice 30 pip clean traffic range to decrease back to the low of last week at 1.0848 4hr Zone.

Downside target for week is 1.081 4Hr Support zone
If wrong, then expecting a range and possible eventual increase back to highs at 1.09875 Daily Resistance Zone.

Comment:

At London price dipped down to our 4hr support zone where it found support 1.08845. It consequently bounced up and retested our Daily S/R level at 1.0916. This turned out to be the high of the day. We also capitalized on shorting the market from that level as planned in advance :)

Comment:

Volatility is lower to begin the week which is to be expected with Monday. Price is ranging between our 4hr zones 1.08845 and 1.0916. About a 25-30 pips range and we were able to catch 5.4 pips this morning.

Comment:

What a week it's been. Price went up to the top of range early in the week towards 1.0986. I believe it was setting itself up for this move down later in the week. The move we were looking for earlier in the week. We are getting it later in the week with very positive UD news acting as a catalyst for a continuation in momentum

Comment:

Now we have some clean ranges to the dowside on the 1hr time frame. Look to the left. Can you see the clean candles? down to 1.0847 4hr support zone. the next target being 1.081 4Hr Support zone as we have more clean traffic to there on the 1hr/4hr