I look to favor the bear during this week because the price has reacted off of the daily bearish fair value gap.
Scenario to confirm bear:
1. If Monday reaches Friday's high and breaks down.
2. If Monday ranges in between Friday's range, then Tuesday takes out Monday's high or there is divergence compared to the dollar pairs.
3. If Monday breaks down below Friday's low and then Tuesday's NYMO price gives a bearish OTE or FVG after lows are broken.
Targets:
- Daily equal lows 101.000
- Daily equal lows 100.788
Scenario to be bullish:
1. If Monday takes out Friday's low and breaks higher.
2. If Monday ranges and then Tuesday takes out Monday's low and breaks higher. Consider divergence as well.
Targets:
- Friday's high 101.775
- Daily -FVG high 101.880
DXY
Major news release days:
Wednesday 8:30 AM EST
Thursday 8:30 AM EST
Friday 8 AM EST
Comment:
Bullish scenario No.2 occurred on Tuesday. I'm still looking to see a decline in DXY. There is divergence among the Dollar pairs. High impact news at 8:30 am est should be interesting to look forward to.