Unemployment Data was a Catalyst for more Eurusd Downside 🚅
The Weekly Candle is now plunging down into a Free Fall. Unemployment Claims Data was poised to improve with 10K less people filing for Unemployment.
The data was better than expected as more than 20K less people filed for unemployment in comparison to the previous period. In previous posts I talked about how this may provide a continuation for further downside and more Dollar Buys to come (More Eurusd Sells to come). This occurred and so now the question is if Momentum will continue to help Eu Fall to the next Daily Zone at 1.07598. Our Weekly Target was just hit at 1.07925 4Hr Zone but price may keep dropping hard.
-The Weekly Candle last week Printed bearish below our Weekly S/R Zone 1.0866
- The first two days of this week saw Euro buyers to not be able to sustain themselves
- Price was gathering liquidity setting up the move for later in the week which we are seeing now
- Price did a perfect break and retest at 4Hr level 1.08462 and returned back to the lows at 1.08150 1Hr Zone just prior to news
-Looking at the 4Hr Timeframe we can at least expect an 8ish Pip bottom wick on this NY 4Hr Candle
-Look at the sell pressure, price keeps dropping and I'm looking towards 1.07592 Daily Level to end off the week from here
The data was better than expected as more than 20K less people filed for unemployment in comparison to the previous period. In previous posts I talked about how this may provide a continuation for further downside and more Dollar Buys to come (More Eurusd Sells to come). This occurred and so now the question is if Momentum will continue to help Eu Fall to the next Daily Zone at 1.07598. Our Weekly Target was just hit at 1.07925 4Hr Zone but price may keep dropping hard.
-The Weekly Candle last week Printed bearish below our Weekly S/R Zone 1.0866
- The first two days of this week saw Euro buyers to not be able to sustain themselves
- Price was gathering liquidity setting up the move for later in the week which we are seeing now
- Price did a perfect break and retest at 4Hr level 1.08462 and returned back to the lows at 1.08150 1Hr Zone just prior to news
-Looking at the 4Hr Timeframe we can at least expect an 8ish Pip bottom wick on this NY 4Hr Candle
-Look at the sell pressure, price keeps dropping and I'm looking towards 1.07592 Daily Level to end off the week from here
Comment:
Price moved down as anticipated and touched into our Daily Level 1.07595 before accumulating orders and pulling back up for the Last London Session of the Week. Our Level 1.07595 was nearly Spot on.
