We havent traded yesterday as we took a day off and were just observing the market.
Today morning we come accross EURUSD and realised that its been ranging if you look at the higher time frames.
Notice where we marked Strong High. Thats potentially heavily guarded highs by Banks that took previous high and swept some liquidity from the market. Fair to say that banks sell orders were placed there just after taking retail and hedge funds stop losses. Also, notice its correlation with DXY . You will see how when this movement in EURUSD happened (last thurday), DXY didnt correlate and go below its previous low.
Notice the momentum on price declining and how volume is increasing. This tells us that price is now bearish , at least until the strong EQLs $$ are taken.
The high is protected by banks so price wouldnt want to go there to mitigate their sell orders. We believe that price is now heaving to sweep Equal Lows $$ and then from there we can see how the price behaves
Many thanks for sharing your perspective on the analysis of this asset. There are some doubts about the levels the price can reach, but in general I agree with you.