EURUSD
Monthly
-Major supply & demand zone identify and mark out.
-Price clearly moving from supply to demand, so higher time frame bias is bearish.
-Now price is seen approaching demand zone, high chances of reversal in play.
-Major supply & demand zone identify and mark out.
-Price clearly moving from supply to demand, so higher time frame bias is bearish.
-Now price is seen approaching demand zone, high chances of reversal in play.
ملاحظة
Weekly-Bearish downtrend line still holding so bias still bearish.
-Current weekly candle close a doji, long bottom wick, sign of bull overpower bear. But further confirmation is necessary such as:
1. Next weekly candle must close strong bullish
2. Price manage break above downtrend line
3. New demand zone is form and fresh
4. LTF supply zone is been tested & engulf / penetrate through
ملاحظة
Daily-Obvious lower lows & lower highs
-Price now bounce after new low
-Origin of this legs drop $1.1109 which is a important level:
1. Break above - indicate daily trend change since price made new higher high
2. Stay below - bearish trend continuation
Summary:
-HTF bias from Monthly to daily still bearish, better chance to short the rally
-Price haven't exactly touch monthly demand zone so reversal may not yet occur (but won't exclude early reversal as well)
-On 4H, a supply zone was engulf suggest price may retrace higher, now price ranging tightly between supply & demand zone
-$1.1075 classic support & resistance, could be level with high liquidity to offer and may act as bull trap in coming days
-As more clarity is require, it's better to stay put for now.
ملاحظة
-Price still ranging within Supply & Demand zone
-Direction remain unclear
ملاحظة
-Price finally break above supply zone, will wait for today & tomorrow Daily close for more input.
ملاحظة
-Overall trend still bearish, unless price manage to go higher & break above $1.1110 (previous swing high) then current downtrend bias will fade.
-Would prefer current LTF demand zone to be tested before price continue up, it will clear the pathway & better opportunity for short the rally as per origin idea.
-Now, better to wait for the rest to play out.
ملاحظة
-So the previous high has been take out, whether it's for real or just a fake out remain to be confirm.
ملاحظة
Weekly
-New demand zone is form.
Summary
-So price maintain above broken previous high for the week which is a good sign of bullish momentum.
-Next will expect pullback till red line (previous resistance) and watch how price react.
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