Price increased in volume compared to previous weeks. This made trading on lower timeframe entries difficult, as either the stoploss will be too large or orders might not be triggered. While a lot of traders who force trades might be stopped out (not recognizing the volume change).
we need to watch price to see if the volume will return to usual way of movement...
After the Liquidity grab from NFP, there is no doubt that the market needs to balance it structure. The market will seek to get a good supply zone to reverse price(no one knows the zone). With lower timeframe setup on those zones the reversal can be gotten to the balance range.
It is common for market to take liquidity to ensure the move of the market to be continuous. Premium Liquidity taken now price will look for price point to reverse, in order to balance the market flow.
EURUSD has been on a downtrend and for the past weeks it has been taking out lows. This week has seen the market take out both premium and discount Liquidity. With the NFP news coming up soon price is essentially looking to take out premium Liquidity and drop to a discount level.
GBPJPY got a retracement last week after a long Uptrend. Last week ended with market structure changing to bullish in the 4hr timeframe and still bullish in the daily timeframe which gives the anticipated bullish bias for this pair.
Base on the calculated resistance and support lines drawn on the chart one of two things is likely to take place - price taking out...
