Having prepared this keeping liquidity zones in mind, I see the possibility of price of GU to grab more liquidity from 1.23200-1.23300 area to fuel the move up towards previous swing high at 1.24500 level.
Given that wednesday FED will release the next interest rates decision, expected to come in at +0.25%, it would suggest further that the FED-s decision to slow down raising rates and even possible rate cuts later in the year. Markets pricing this in would surely give way for dollar crosses to make gains against the dollar.
Let's see how it goes.
We had a double bottom around 1.23500 level, leaving enough liquidity below this level to fuel the move up. GU is known to make those deep moves and reach the extreme points of interest, so my entry would be around 1.23200 and stops below 1.23100, to leave enough breathing room for the trade. Myself having a really busy night on wednesday, it will be tricky to catch this move when it happens. These highly volatile trading days require lots of focus and best performance to take advantage of it. Good luck to me.
Given that wednesday FED will release the next interest rates decision, expected to come in at +0.25%, it would suggest further that the FED-s decision to slow down raising rates and even possible rate cuts later in the year. Markets pricing this in would surely give way for dollar crosses to make gains against the dollar.
Let's see how it goes.
We had a double bottom around 1.23500 level, leaving enough liquidity below this level to fuel the move up. GU is known to make those deep moves and reach the extreme points of interest, so my entry would be around 1.23200 and stops below 1.23100, to leave enough breathing room for the trade. Myself having a really busy night on wednesday, it will be tricky to catch this move when it happens. These highly volatile trading days require lots of focus and best performance to take advantage of it. Good luck to me.