We must first make it Past 1.07825 4Hr/1Hr Zone. Ny Open may provide the catalyst to move up to the next daily zone as we have planned and mentioned in yesterdays publishing. Price is creeping up towards resistance zone at 1.07825 as we transition into the NY Session. This is suspicious and we could breakout to the upside as we have clean traffic on the 1Hr Timeframe up to 1.0833. It is monday and is a good idea to start the week out on a good note and follow your trading plan. If the new 4Hr candle closes above 1.07721 then I like buys more for the session. If not then we may range or go back to lows of our rnage at 1.07425
Trade closed: target reached
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Very Nice move as anticipated with Ny Session Open Volume. Understanding Volume as an Intra-Day trader is very important.
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Great timing here on this publishing. We would like to see the 4Hr candle close at or above the 1.07975 with a strong candle closure. Then with clean traffic we may head back up to 1.083. Otherwise we still have only recovered half of the previous bearish daily candle. If Bears hold here, we will go back to 1.07. Volatility lately has been very nice. I wouldn't be surpised with CPI later in week that we can't reach 1.089 later this week.
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We have reached 1.083 ! We have a new 4Hr level at 1.081. The 4Hr just closed above 1.083 which is a good sign for bulls. We have come very close to our Daily Level at 1.0854 and that is a good explanation for the pullback this morning.