There is a possible reversal happening for EURUSD,
I am not entirely sure what caused the currency to fall initially. The sentiment for USD is mixed as not all news aligns for a bullish day.
In addition, I see that there is a clearly defined channel forming on both the 15m and 5m charts. this market state indicates that a reversal will happen soon because the larger player is exiting their position(s).
However, this does not necessarily mean there is a trading opportunity yet. We are still in a seller's market and if there's something we all understand universally it is " go with the flow." Or in trading- do not go against the trend.
Until we actually see a new S&R breach there will be no opportunity for a buy on EURUSD.
dependent possibly on what fundamentals are released tomorrow.
I am not entirely sure what caused the currency to fall initially. The sentiment for USD is mixed as not all news aligns for a bullish day.
In addition, I see that there is a clearly defined channel forming on both the 15m and 5m charts. this market state indicates that a reversal will happen soon because the larger player is exiting their position(s).
However, this does not necessarily mean there is a trading opportunity yet. We are still in a seller's market and if there's something we all understand universally it is " go with the flow." Or in trading- do not go against the trend.
Until we actually see a new S&R breach there will be no opportunity for a buy on EURUSD.
dependent possibly on what fundamentals are released tomorrow.