Current Market Status: Weakly Bearish
Reason: Euro is weaker still from a fundamental standpoint and pair has closed lower for 5th week running. 4hr Demand xzone was mitigated on Monday and no real long term response. However we are running into a Weekly Demand zone and 2 month low which might provide some support. Additionally all good trends come to an end (Hopium inhaled). From a technical standpoint this weeks PA while Bearish was choppy after taking out 3rd Aug SL and distinctly without strong momentum
Moving forward i expect price to continue moving south testing the last 6 July swing lows and the next Demand at around 1.08. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this although 1.09 didn't offer up much of a fight
It could of course head north to the trendline liquidity and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!
Reason: Euro is weaker still from a fundamental standpoint and pair has closed lower for 5th week running. 4hr Demand xzone was mitigated on Monday and no real long term response. However we are running into a Weekly Demand zone and 2 month low which might provide some support. Additionally all good trends come to an end (Hopium inhaled). From a technical standpoint this weeks PA while Bearish was choppy after taking out 3rd Aug SL and distinctly without strong momentum
Moving forward i expect price to continue moving south testing the last 6 July swing lows and the next Demand at around 1.08. I would look to see some evidence of a reaction occuring here for me to enter into a buy trade. It being a pyschological level too should increase the chances of this although 1.09 didn't offer up much of a fight
It could of course head north to the trendline liquidity and beyond but i would consider this less likely. There are a couple of 15 min Supply zones where Sellers could come in to prevent this from occuring and i might look to enter.
Let me know what you think and let's learn together!