Hoping to take sells off of the demand up on top. Hopefully we see price retrace nicely and not impulsively into our POI.
Goodluck to everyone trading today
Price previously broke through the resistance area/ Supply zone and retested it to tap into the buyside liquadity which rested at the retail trendline.
This caused price to have a massive spike to the downside , this was also affected by the fomc fundamentals last night.
Therefore price has to retest this area which has turned from support to resistance before...
Confirmations:
Price currently sits at strong support level, for the past week market has not known where it wants to go.
Price hit support trendline.
Price is currently in discount area.
We can look for longs on this pair for the rest of the month.
VulcanFX.
This area has a lot of reversal potential as it contains a support zone which has now become resistance as well as the inefficiency zone which was caused by a strong push to the downside we can hope to see this zone being filled in the future adding to that this zone falls part of the 38.2 fib level which as we know has very strong reversal potential
Confluences:
Broken trendline which has been retested
Strong support level that has been broken we can look for a retest of this level
Market structure indicates lower highs and lower lows
Take profit is @ imbalance zone
