Here is why:
- On the 3 month timeframe, price has formed mini higher highs indicating that price is headed upwards. My targets for this timeframe are 2.03700
- On the daily, if you zoom in on yesterday's candlestick, you can see that price broke a high. Moreover, 1.9650 is a very strong liquidity area. Price attempted to break that area but was unable. We see that Monday's candle collected some orders to push higher but they were not enough to take the pair further. Hence, why we see this sudden rush of bearish momentum.
- Price is currently looking for areas to collect orders from and I spectate that it will do that at the 1.9450 region (which is a weekly level and a major 4 hour liquidity level)
- I am sitting on my hands as I wait for a bullish setup before I enter the markets
- On the 3 month timeframe, price has formed mini higher highs indicating that price is headed upwards. My targets for this timeframe are 2.03700
- On the daily, if you zoom in on yesterday's candlestick, you can see that price broke a high. Moreover, 1.9650 is a very strong liquidity area. Price attempted to break that area but was unable. We see that Monday's candle collected some orders to push higher but they were not enough to take the pair further. Hence, why we see this sudden rush of bearish momentum.
- Price is currently looking for areas to collect orders from and I spectate that it will do that at the 1.9450 region (which is a weekly level and a major 4 hour liquidity level)
- I am sitting on my hands as I wait for a bullish setup before I enter the markets
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