EU has been on its 2nd failed impulse on 15min going up, hence we can now anticipate the price will more likely to break below than achieve new highs above 1.10950.
current price range is in 15min impulse Bearish on 1.10070 and had formed a 5min pullback at 1.09620.
given the current 15min range on a supposed to be 4H impulse leg price is targeting the liquidity below price key level 1.09090.
so for this Asian Session and London Session my direction will be on the SHORT side for the 15min ranges and LONG for the higher timeframe 4H and up.
we can Short this 15min since we are on a 5min pullback, we are anticipating the 5min change of character or what we say CHOCH in order to facilitate the 15min impulse leg to take out the minimum lower liquidity at key price 1.09620. Stoploss above previous 15min impulse leg.
for LONGS to take I prefer taking longs after the break of 4H lower key level 1.09090.
if price manage to break the current 15min impulse BEARISH leg at key level 1.10070 we can wait for the price to print another 15min range BEARISH in order to take a SHORT again. taking LONGS in this 4H range will be quite risky since it has already emphasized two 15min confirmed ranges heading upside that had FAILED to take out the 4H higher key level 1.10950, although it is possible for the price to break new highs, still the percentage for it to break the 4H higher key level is low.
current price range is in 15min impulse Bearish on 1.10070 and had formed a 5min pullback at 1.09620.
given the current 15min range on a supposed to be 4H impulse leg price is targeting the liquidity below price key level 1.09090.
so for this Asian Session and London Session my direction will be on the SHORT side for the 15min ranges and LONG for the higher timeframe 4H and up.
we can Short this 15min since we are on a 5min pullback, we are anticipating the 5min change of character or what we say CHOCH in order to facilitate the 15min impulse leg to take out the minimum lower liquidity at key price 1.09620. Stoploss above previous 15min impulse leg.
for LONGS to take I prefer taking longs after the break of 4H lower key level 1.09090.
if price manage to break the current 15min impulse BEARISH leg at key level 1.10070 we can wait for the price to print another 15min range BEARISH in order to take a SHORT again. taking LONGS in this 4H range will be quite risky since it has already emphasized two 15min confirmed ranges heading upside that had FAILED to take out the 4H higher key level 1.10950, although it is possible for the price to break new highs, still the percentage for it to break the 4H higher key level is low.