The Weekly candle last friday closed below 1.1024. After today July 31st, we can also observe the monthly candle just closed below 1.1024. The monthly candle left a very large top wick but ultimately closed below 1.1024. 1.1024 is our May Monthly resistance zone as well as our weekly resistance zone. The market has now confirmed a fakeout on the Daily timefrmae and has created a resistance with the most recent Daily bearish candle. The Bearish candle retested and rejected the top of the range being 1.1024. I'm anticpating that Eurusd will now head towards the bottom of the range around 1.09 weekly support level and 1.085 daily support level.
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Price is on the path towards our target 1.09 earlier than expected with good USD ADP data, which is solely estimated data for the real jobs report at the end of the week. we can observe that we have clean traffic on the 1hr timeframe down to 1.09. Often times the market will mirror what's occurred on the left hand side.
Trade closed: target reached
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Take profit hit approximately 2 weeks later as anticipated
@MEHDI118, your welcome mehdi, does it help in your trading?
MEHDI118
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@ShrewdCatfx, Yes, your analysis has been very helpful and enlightening for me.
MEHDI118
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In the new analysis in time H1, you evaluated the continuation of the path as bullish, have the goals set in the daily time been excluded?
ShrewdCatfx
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@MEHDI118, Hi and no the goals have not been excluded for the 2 weeks out forecast here. I was anticpating with my new H1 analysis that we may continue to range until NFP data on friday. It appears that we are breaking out to the downside with good USD ADP data that beat expectations