It took a Few Days before Price was able to punch out a new Low after Printing an Engulfing Candle on the weekly timeframe last week.
The candle engulfed almost 5 weeks of previous gains by Bulls. Price corrected to the S/R Zone 1.0866 and pulled back from our Quarterly Highs around 1.103- 1.108.
The Next Weekly Level sits a 1.06650 which currently sits 170 Pips away. We do have unemployment data during the second to last NY session of the week tomorrow.
We'll see how the American workforce is doing. This news release can be a catalyst for a continuation in trend to the downside. Our Last Daily Support Level that I can see being tricky will be 1.08392. If the Daily Candle can close a solid candle below there, we can expect more downside to come. Maybe it can also act as a good Break and retest level for Short Entries. But first we must observe the Daily Close. One guy has a swing entry from 1.086 and another guy has a swing from 1.082. Both Short Entries. Both are Good traders. All of the gossip and panic about institutions dumping the Dollar. You would've missed this 200-250 Pip Short trade from the Highs that coincided with hawkish FOMC data. Thinking there may be more to come.
We have creased below all our Daily Level's
-1.08607 Daily Level created on Monday
-1.0853 Daily Level created on April 11th
-1.08392 Daily Level created on April 3rd
The next Daily Level sits at 1.07592.
A good technical indicator for the Daily candle is it closing with a larger body then a bottom wick. We would like to see bears protect 1.08392
What is concerning is that we may have alot of shorts piling in now. Are they Late? We will see.
The market is not going to feed everyone so we may see a hard pullback up to 1.08742 Daily Level once again
Unemployment Claims has been climbing since February 7th of this year. It is expected to be a small improvement over the last period.
If the Daily Candle can pull back up and close above 1.08607 Daily Level that was created on Monday, Definitely Buys on EU here, good RR back to Top of our Daily Range , first back to 1.089 4Hr level
We would want the bears to Ideally respect the Break and retest Level 1.08462 on the 4Hr timeframe. The 4hr Is about to close and is closing below 1.08462, good for bears
The candle engulfed almost 5 weeks of previous gains by Bulls. Price corrected to the S/R Zone 1.0866 and pulled back from our Quarterly Highs around 1.103- 1.108.
The Next Weekly Level sits a 1.06650 which currently sits 170 Pips away. We do have unemployment data during the second to last NY session of the week tomorrow.
We'll see how the American workforce is doing. This news release can be a catalyst for a continuation in trend to the downside. Our Last Daily Support Level that I can see being tricky will be 1.08392. If the Daily Candle can close a solid candle below there, we can expect more downside to come. Maybe it can also act as a good Break and retest level for Short Entries. But first we must observe the Daily Close. One guy has a swing entry from 1.086 and another guy has a swing from 1.082. Both Short Entries. Both are Good traders. All of the gossip and panic about institutions dumping the Dollar. You would've missed this 200-250 Pip Short trade from the Highs that coincided with hawkish FOMC data. Thinking there may be more to come.
We have creased below all our Daily Level's
-1.08607 Daily Level created on Monday
-1.0853 Daily Level created on April 11th
-1.08392 Daily Level created on April 3rd
The next Daily Level sits at 1.07592.
A good technical indicator for the Daily candle is it closing with a larger body then a bottom wick. We would like to see bears protect 1.08392
What is concerning is that we may have alot of shorts piling in now. Are they Late? We will see.
The market is not going to feed everyone so we may see a hard pullback up to 1.08742 Daily Level once again
Unemployment Claims has been climbing since February 7th of this year. It is expected to be a small improvement over the last period.
If the Daily Candle can pull back up and close above 1.08607 Daily Level that was created on Monday, Definitely Buys on EU here, good RR back to Top of our Daily Range , first back to 1.089 4Hr level
We would want the bears to Ideally respect the Break and retest Level 1.08462 on the 4Hr timeframe. The 4hr Is about to close and is closing below 1.08462, good for bears
