Current Market Status on 4hr : Bearish (Weak)
Reason: Weekly and significant low broken indicating change of trend complete.
However i'm not too convinced due to pretty strong Bullish move up immeaditely (Bullish Engulfing) after with good volume
Would have liked to have seen a slower more gradual move up. Nothing is ever easy in Forex
It's a big week with news. I'm relatively new to the fundamentals but these could play a major role in big moves in either direction
My own research suggests the Euro isn't doing great and the dollar had a strong week last week and could continue with this momentum.
One final consideration is Tuesday is a US bank holiday.
So what could happen then?
1) TL holds and price drops. For me this is unlikely even the imbalance beneath it drawing it down. At the Open it could possibly gap outisde of TL.
Or just with low volume amble past it with a whimper. Also Monday Euro News could very well be positive which means
2) I think price will get here. It broke my last 15min Supply/OB but did push down price eventually. If price breaks this then Market is not Bearish anymore
3) Is Bears last stand. Break this and head towards 1.11
Reason: Weekly and significant low broken indicating change of trend complete.
However i'm not too convinced due to pretty strong Bullish move up immeaditely (Bullish Engulfing) after with good volume
Would have liked to have seen a slower more gradual move up. Nothing is ever easy in Forex
It's a big week with news. I'm relatively new to the fundamentals but these could play a major role in big moves in either direction
My own research suggests the Euro isn't doing great and the dollar had a strong week last week and could continue with this momentum.
One final consideration is Tuesday is a US bank holiday.
So what could happen then?
1) TL holds and price drops. For me this is unlikely even the imbalance beneath it drawing it down. At the Open it could possibly gap outisde of TL.
Or just with low volume amble past it with a whimper. Also Monday Euro News could very well be positive which means
2) I think price will get here. It broke my last 15min Supply/OB but did push down price eventually. If price breaks this then Market is not Bearish anymore
3) Is Bears last stand. Break this and head towards 1.11