CPI not as spectacular as previous, but price did breakout on the descending channel. Took out some local highs. It bounced on the HTF support of a daily/weekly rising channel. Localy that looks like a HL double bottom right on that lower base/support.
Notable is that most big volume spikes where created at the bottom range of the consilidation, rather than at the local sell offs. The fixed volume shows the simularity.
So from a technical perspective there might be a potential scenario for a long on the table. The plan is to wait for a pullback into the previous range, where also the POC sits and see if the markets can give some clues. A potential target would be 1.1110 range as it seems there might be some local supply liquidity there.
Notable is that most big volume spikes where created at the bottom range of the consilidation, rather than at the local sell offs. The fixed volume shows the simularity.
So from a technical perspective there might be a potential scenario for a long on the table. The plan is to wait for a pullback into the previous range, where also the POC sits and see if the markets can give some clues. A potential target would be 1.1110 range as it seems there might be some local supply liquidity there.
Comment:
It seems current range probably will brake, but the 1.0950 range might be interesting to keep an eye on.
Comment:
So far current level is holding with a little breakout of the range.
I personally just gonna do nothing and wait for the PPI's and Consumer Sentiment.
If news comes favorable, I might take a jab at the market and otherwise I will call it the day, enjoy my weekend and prepare for next week trading session.
I personally just gonna do nothing and wait for the PPI's and Consumer Sentiment.
If news comes favorable, I might take a jab at the market and otherwise I will call it the day, enjoy my weekend and prepare for next week trading session.
Comment:
Currently bouncing of that lower zone. Might take the long if it can break out of the range, seen here on the 5min chart. Indicators giving the green light, but these are far from reliable on smaller time frames, but do add a greenlight combined with a breakout. Wont except much and will close before weekend.
Comment:
Well, it's going to be interesting to see next week.
Some interesting USD news on the calendar, EUR news not so much.
If nothing fancy happens before the weekly close, it will be also interesting to see if this technical level can hold next week.
In a worst case scenario when price breaks previous low, it might be a strong technical signal that price potential dive deeper and the long setup becomes invalid. If the break does happen and price retests the previous zone, it might be a very interesting level to start taking shorts to maybe 1.0890 range or even 1.0820 range.
Some interesting USD news on the calendar, EUR news not so much.
If nothing fancy happens before the weekly close, it will be also interesting to see if this technical level can hold next week.
In a worst case scenario when price breaks previous low, it might be a strong technical signal that price potential dive deeper and the long setup becomes invalid. If the break does happen and price retests the previous zone, it might be a very interesting level to start taking shorts to maybe 1.0890 range or even 1.0820 range.
Order cancelled:
This long is of the table. Managed to scalp some on the short side tho.
Might find support at the 1.0880 range
Might find support at the 1.0880 range