Wherever the market goes we go!
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - The market retraced but didn't not break or close below the weekly support. Finishing as a string bearish candle we could possibly see bullish pullbacks this week. Price did reach the max level on the Fibonacci scale (76.8) so this has the potential to go bullish for a while but the consolidating pattern seems to be forming between 123.6 and 127.5. We are looking at a bullish bias (short term) and a bearish extension but only if the lower time-frames give us any clues to this...let's see.
Daily - Price made a lower low. It went beyond the Fibonacci retracement key level (76.8). Price lso closed a bullish doji candle - a sign of indecision. We could see a pulback forming on this pair. The bias is bearihs with a bullish pullback. The question now is how far will the pullback go before the bears resuming selling EJ.
4hr - Price failed to close below the 4hr support although it did finish off the day with a strong bearish engulfing. Nonetheless the pullback as begun and with the plotted Fibonacci levels we could see potential for this pair to go higher. Possibly influenced by the major fundamental releases from GBP and USD pairs Wednesday onwards.
1hr - We can see potential areas of interest where price might reach and buyers are exhausted and where the sellers will look for entries into the market.
Overall this pair is definitely for the bulls and it should be expected to hold the week out. If we see a break and close above key 4hr & daily resistance then the buy positions look to be very string. Watching for the daily close to determine how long it will last.
Buy
Entry: 124.5
Targets: 125.6/126.6
SL: 124.0
----> Top Down Analysis Price Action Weekly>Daily >4hr>1hr
----> Support & Resistance Structure & Key Levels
----> HH, HL, LH, LL, FIBS
----> Price Action & Candlestick Formation(s)
----> Daily/4HR Targets & Stops - Swing Lows & Swing Highs
----> Break & Close of Major S/R Structure - Bullish or Bearish
----> Candle - Structure - Fib - Bias - Overall
Weekly - The market retraced but didn't not break or close below the weekly support. Finishing as a string bearish candle we could possibly see bullish pullbacks this week. Price did reach the max level on the Fibonacci scale (76.8) so this has the potential to go bullish for a while but the consolidating pattern seems to be forming between 123.6 and 127.5. We are looking at a bullish bias (short term) and a bearish extension but only if the lower time-frames give us any clues to this...let's see.
Daily - Price made a lower low. It went beyond the Fibonacci retracement key level (76.8). Price lso closed a bullish doji candle - a sign of indecision. We could see a pulback forming on this pair. The bias is bearihs with a bullish pullback. The question now is how far will the pullback go before the bears resuming selling EJ.
4hr - Price failed to close below the 4hr support although it did finish off the day with a strong bearish engulfing. Nonetheless the pullback as begun and with the plotted Fibonacci levels we could see potential for this pair to go higher. Possibly influenced by the major fundamental releases from GBP and USD pairs Wednesday onwards.
1hr - We can see potential areas of interest where price might reach and buyers are exhausted and where the sellers will look for entries into the market.
Overall this pair is definitely for the bulls and it should be expected to hold the week out. If we see a break and close above key 4hr & daily resistance then the buy positions look to be very string. Watching for the daily close to determine how long it will last.
Buy
Entry: 124.5
Targets: 125.6/126.6
SL: 124.0
As seen on the 1hr chart price didn't break the 1hr resistance to the anticipated target of 125.6. Monitoring this pair alongside the crucial fundamental announcements would have indicated a change of bias for the week.