Hello Traders.. Another new week of trading ahead. No news announcements to kick off the week so expecting some smooth price action. Monday's can move nicely as volatility is typically lower. It's during the end of the week when we observe more aggressive trends and thats when you can really let your winning trades run. Coming out of the Weekly candle closure from last week, we may observe a continuation of bearish momentum towards 4hr zone 1.0873 or the next daily support level 1.08516. We also should consider the weak data that came out for the USD on Friday.. Consumer sentiment and Manufacturing data both missed expectations and the Daily candle for Friday closed Bullish.. In this case we may observe an increase towards extreme level 1.090 flat. 0:0 Monthly Timeframe 1:14 Weekly timeframe 2:30 Daily timeframe 4:10 4Hr timeframe 6:48 1Hr timeframe
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We pulled up and created a Higher High but recently closed back inside the 4hr zone 1.08911 suggesting downside