Hello Traders.
Last week we observed a tremendous reversal for Eurjpy. However, In the above depiction,
you may see that the price action has not broken neither weekly nor 4H trendline.
Lets see how this week starts and what will happen with news. Scenario 1 stands for bullish continuation due to the retest of a strong demand zone. But keep in mind the price can slip further to 0.618 Fib level, which I consider a POI for retracement termination.
Keep and eye on candles every one hour for 1H TF and every four regarding 4H TF.
The scenario 1 is invalidated only with a break of 0.618 and then we will look for shorts (scenario 2), in the brake and retest of this support area all the way down to the weekly demand zone.
Last week we observed a tremendous reversal for Eurjpy. However, In the above depiction,
you may see that the price action has not broken neither weekly nor 4H trendline.
Lets see how this week starts and what will happen with news. Scenario 1 stands for bullish continuation due to the retest of a strong demand zone. But keep in mind the price can slip further to 0.618 Fib level, which I consider a POI for retracement termination.
Keep and eye on candles every one hour for 1H TF and every four regarding 4H TF.
The scenario 1 is invalidated only with a break of 0.618 and then we will look for shorts (scenario 2), in the brake and retest of this support area all the way down to the weekly demand zone.
Trade closed: target reached:
TP hit!