Testing previous lows; bearish tone for past 2 weeks dropping in excess of 200 pips; Two potential scenarios: 1) buyers begin to take control- need clear confirmation on higher time frame 2) sellers continue pushing the pair lower -4hr seems to show early signs of rejection with buyers starting to take control therefore the bias is a long.
EURUSD short potential at 1.11146 with targets mocked up on chart. DXY: 98 psycho
At 0.98 psycho level after a pullback from initial drop, bias favouring downside momentum with targets labelled on chart. Confluences: Fib, psycho, DXY, CS, SC DXY: Rejecting 98 Gold: floating atm
Potential to see some downside movement on this pair subsequent to bullish Asia and London sessions. Currently rejecting 106. DXY approaching psycho 98. Confirmations: Fib, Psycho & DXY High impact news at 1:30pm! DXY:
Potential long as we see the pair rejecting level 1.11 after bearish Asia session so could be a reversal in the works. DXY is approaching 98 psycho level. Confluences: 4hr SR, Fib, session conf & psycho rejection High impact news at 1:30pm! DXY: