Ellison EUR/USD Morning analysis 04/07
I took a long weekend off to relax with my highlight being a horse ride on the beach, but now I'm back and ready to trade. And quite glad about the break too because the price action at the end of last week and yesterday looked terrible.
First things first, as we are starting out the new business month and quarter it's good to identify the new important price points of interest and liquidity zones alongside the fundamental sentiment that is holding the most weight.
On the weekly chart, we see the price has been choppy but still maintains a bullish structure and is reacting quite well to weekly supports and resistances created. It gives us insight into potential areas to look for higher probability buys and sells. All while maintaining strength in the Euro over the Dollar.
I'm personally looking for more buys. But, I would only be entering above the 1.093 price point of interest. As price has been struggling to break this resistance even with all the bad US data that has been released. This ranging price action is probably due to last week being the end of the month and the end of Q2. However, if at the start of this month/quarter EUR/USD wants to create a larger pullback, which won't be out of the ordinary, I will adapt my analysis.
First things first, as we are starting out the new business month and quarter it's good to identify the new important price points of interest and liquidity zones alongside the fundamental sentiment that is holding the most weight.
On the weekly chart, we see the price has been choppy but still maintains a bullish structure and is reacting quite well to weekly supports and resistances created. It gives us insight into potential areas to look for higher probability buys and sells. All while maintaining strength in the Euro over the Dollar.
I'm personally looking for more buys. But, I would only be entering above the 1.093 price point of interest. As price has been struggling to break this resistance even with all the bad US data that has been released. This ranging price action is probably due to last week being the end of the month and the end of Q2. However, if at the start of this month/quarter EUR/USD wants to create a larger pullback, which won't be out of the ordinary, I will adapt my analysis.
Comment:
Also if you prefer the lower timeframe, a close above this range can be a signal to enter buys too.
If we see any convincing bullish closes on the 30m or 1h timeframe then I will be taking buys with the SL at around 1.089 below the wick.