EurUsd Buyers in La la land or are we onto something here?
0:0 Monthly timeframe
2:10 Weekly tiemframe
5:26 daily timeframe
7:34 4hr timeframe
10:25 Let's talk interest rates
12:30 1hr timeframe
At times the market has coincided it's bottom or top with a News release. Today we have the September Interest Rates release as our fundamental catalyst for a potential bearish squeeze. We have 9 Bearish candles in a row. I was wrong last week about EurUsd longs so maybe I'm at fault here and this scenario is a long shot, no pun intended. We saw Profit taking on Fridaylast week and the market inched to the upside. On Monday we saw a clean range followed by a breakout to the upside on the intra-day timeframes during NY session. Today we observed a breakout to the upside once again with London Session. When NY session came around , price said " Not Yet" as we have Interest rates coming up and it was not the right time. We just ranged today prior to interest rates as one could expect. What I'm looking for is a move prior to news or a wick with news between 1.064 daily support level and 1.066 weekly support level preceding an increase back to 1.075 Daily resistance Zoneish. Not anticipating a rate hike or a rate cut as things will likely remain unchanged as we've already observed the fastest rate hike ever.
0:0 Monthly timeframe
2:10 Weekly tiemframe
5:26 daily timeframe
7:34 4hr timeframe
10:25 Let's talk interest rates
12:30 1hr timeframe
At times the market has coincided it's bottom or top with a News release. Today we have the September Interest Rates release as our fundamental catalyst for a potential bearish squeeze. We have 9 Bearish candles in a row. I was wrong last week about EurUsd longs so maybe I'm at fault here and this scenario is a long shot, no pun intended. We saw Profit taking on Fridaylast week and the market inched to the upside. On Monday we saw a clean range followed by a breakout to the upside on the intra-day timeframes during NY session. Today we observed a breakout to the upside once again with London Session. When NY session came around , price said " Not Yet" as we have Interest rates coming up and it was not the right time. We just ranged today prior to interest rates as one could expect. What I'm looking for is a move prior to news or a wick with news between 1.064 daily support level and 1.066 weekly support level preceding an increase back to 1.075 Daily resistance Zoneish. Not anticipating a rate hike or a rate cut as things will likely remain unchanged as we've already observed the fastest rate hike ever.
Trade closed: target reached:
tuched into 1.073 prior too news. Also talked on scenario of how news could act as continuation for a downtrend for higher timeframes. Also, We hit bullish target prior to Interest rates,,, suspicious! With rates, we then dropped hard. Psychology im sure played into buyers holding too long while in profit and as rates played out
Comment:
