We can observe the Ongoing Range above our Key Level ( Weekly Level 1.066 )
Monday Asian Session -> Bearish
Monday London Session -> Bearish
Monday NY Session -> Bullish
Tuesday Asian Session -> Range, and at best slightly Bullish
Tuesday London Session -> Bearish
Tuesday NY Session -> Bullish
Both London Session's this week have been Bearish thus far.
As we approach unemployment claims data on Thursday NY Session, I can observe a Bullish London Session and increase overall on Eurusd until then. Price is not quite having the effect it once had when we initially dipped into our Weekly level last week 1.06636. The reactions off the Weekly level are becoming smaller and less pronounced. We are still holding steady however and price has not dipped below our weekly level since the initial touch.
Short Sellers are happy that the Daily candle is closing bearish and they would prefer a close below Daily support at 1.06885. Buyers are happy that the decrease over the last 4 weeks on Eurusd has come to a halt as the Daily timeframe ranges above our weekly level through 1 week and 2 days into the next week.
The manufacturing data yesterday was bullish for Eurusd and caused an increase in the price. Consequently, this increase was corrected down to the price of EU prior to any manufacturing data. However, NY session has been bullish for the 2nd day in a row as EU holds steady above our weekly key level.
Today I had a very good trading day taking buys at lower prices near what was a 1Hr Zone at the time 1.067. The Level has since turned into a 4Hr Zone as New York has successfully rejected those lower prices.
Monday Asian Session -> Bearish
Monday London Session -> Bearish
Monday NY Session -> Bullish
Tuesday Asian Session -> Range, and at best slightly Bullish
Tuesday London Session -> Bearish
Tuesday NY Session -> Bullish
Both London Session's this week have been Bearish thus far.
As we approach unemployment claims data on Thursday NY Session, I can observe a Bullish London Session and increase overall on Eurusd until then. Price is not quite having the effect it once had when we initially dipped into our Weekly level last week 1.06636. The reactions off the Weekly level are becoming smaller and less pronounced. We are still holding steady however and price has not dipped below our weekly level since the initial touch.
Short Sellers are happy that the Daily candle is closing bearish and they would prefer a close below Daily support at 1.06885. Buyers are happy that the decrease over the last 4 weeks on Eurusd has come to a halt as the Daily timeframe ranges above our weekly level through 1 week and 2 days into the next week.
The manufacturing data yesterday was bullish for Eurusd and caused an increase in the price. Consequently, this increase was corrected down to the price of EU prior to any manufacturing data. However, NY session has been bullish for the 2nd day in a row as EU holds steady above our weekly key level.
Today I had a very good trading day taking buys at lower prices near what was a 1Hr Zone at the time 1.067. The Level has since turned into a 4Hr Zone as New York has successfully rejected those lower prices.
Trade closed: target reached:
The Ongoing range continues ! 1.07255 4Hr Zone was reached as anticipated. Expecting the price to range until next NY session when we may see a breakout with Unemployment Claims data. A breakout to the upside later in the week as another Daily candle appears to closing above 1.0688 Daily Level looks good for buyers.
Comment:
Price has just reached the top of the range and I wouldn't be surprised of a pullback. Either from 1.07621 or 1.0776 4Hr Zone. The pullback may extend back to 1.07255 4Hr Zone and continue to upside breaking out of range or just continuing to consolidate.
