We have printed two Bullish Monthly Candles back to back.
The first week of this current monthly candle for May 23' has closed as an indecision candle.
I am gravitating towards the Bull side but would not be surprised to see more of a sell off after the May FOMC decision
The FOMC decision to raise rates by 25 basis points coincided with our extreme highs of the Year around the 1.105 Weekly Level
In a way I want to be proven wrong on the Sell Side for EU. I want to see Buyers stay strong around our extreme Highs here in the 1.10's and
not be phased by a short term descent in price as FOMC price action settled after the initial announcement.
I would like to see buyers at 1.09718 and 1.09480 Daily Level's be taken out before any more of an ascent occurs. The Price I'm looking for is 1.09176 Daily Level.
To begin the week before CPI data on Wednesday I will be looking for price to pullback but will be happy if proven wrong instead with price displaying a quick ascent back to 1.1095 and beyond with CPI numbers.
The first week of this current monthly candle for May 23' has closed as an indecision candle.
I am gravitating towards the Bull side but would not be surprised to see more of a sell off after the May FOMC decision
The FOMC decision to raise rates by 25 basis points coincided with our extreme highs of the Year around the 1.105 Weekly Level
In a way I want to be proven wrong on the Sell Side for EU. I want to see Buyers stay strong around our extreme Highs here in the 1.10's and
not be phased by a short term descent in price as FOMC price action settled after the initial announcement.
I would like to see buyers at 1.09718 and 1.09480 Daily Level's be taken out before any more of an ascent occurs. The Price I'm looking for is 1.09176 Daily Level.
To begin the week before CPI data on Wednesday I will be looking for price to pullback but will be happy if proven wrong instead with price displaying a quick ascent back to 1.1095 and beyond with CPI numbers.
Comment:
Anticipating a Continuation to 1.097 Daily Level for Asian Session as DXY and EU 1Hr Charts suggest no evidence of any stop to this Momentum
Comment:
If you observe the last screenshot, we may observe that price moved down as anticipated. Asian Session Open Volume provided enough volume for a Continuation bearish. London Open additionally ended up being a catalyst for another continuation. Yes I'm going to say it.. NY Open also was a catalyst for another move to downside, completing our bearish impulses to the bottom of the Daily Range at 1.09495.
Comment:
Now the Question is where are we headed next? Are the Bears taking us to our weekly S/R Zone at 1.086? Our first stop being the next Daily level down at 1.09198.. Or Can the Bulls maintain a confident stance and keep us inside the range above 1.09495. With Bulls Ultimately taking us back to the top of the range at 1.10590 as EU displays a Change of Character.
