Current Market Status: Bearish
Reason: 4th Weekly Loss for pair, Euro still not looking strong fundamentally, despite Thurs' news and TL breaking Friday pushed through to end week 70 pips lower
As i planned for this week price came down to last weeks Demand zone and with the help of Thurs news hit my Tp1 and took all the Liquidity from the 18 Jul TL and at 1.1045. It then preceeded to show alot of Bearish momentum esp in the NY sessions Thurs and Fri to finish where it did.
Moving forward i expect price to continue moving south testing the last 2 weeks swing lows and the next Demand at around 1.09. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this.
It could of course head north to Thursday's high and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!
Reason: 4th Weekly Loss for pair, Euro still not looking strong fundamentally, despite Thurs' news and TL breaking Friday pushed through to end week 70 pips lower
As i planned for this week price came down to last weeks Demand zone and with the help of Thurs news hit my Tp1 and took all the Liquidity from the 18 Jul TL and at 1.1045. It then preceeded to show alot of Bearish momentum esp in the NY sessions Thurs and Fri to finish where it did.
Moving forward i expect price to continue moving south testing the last 2 weeks swing lows and the next Demand at around 1.09. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this.
It could of course head north to Thursday's high and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!