My bias going into next week is bearish for this pair but this can flip at any point depending on the price action we see. Sellers have been trapped twice now as shown, banks may now have enough liquidity to create a strong move to the downside, similar to my GBPUSD analysis.
I will be patient with this pair and allow the structure to shift before I get involved. If we see bullish momentum breaking the horizontal level marked then I will disregard my bearish bias and look for a buying opportunity into the previous highs.
Great review but what about the Daily Structure ? A technical formation of a Higher Low last week and previous 2 candles could be part of the Bullish impulse in a Bullish structure. The 4H also created Equal Lower High, signaling probable shift from bearish to bullish structure.
AlkalineFX
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@AsadAamerKhan, I respect the way you think but that is very retail minded and i try and stay away from that mindset personally, that is not saying it couldn't happen, I am always happy to shift my bias if necessary. Wishing you an amazing trading week ahead all the best bro!
AsadAamerKhan
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@AlkalineFX, Kindly explain me the reasons for your bearish bias. I am interested to look into it.
AlkalineFX
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@AsadAamerKhan, Not much more to dive into than the analysis above, If I see the price extend pass the line I will buy if not bearish bias fixed. Let me know if you want me to go into anything specifically?
AsadAamerKhan
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@AlkalineFX, What do you think about the Weekly and Daily structure and Price action ? What are these time frames telling you ? I'm interested to know what you're seeing on these two.