After monstrous gains last week from EU bears, is the time up ? 🕓
0:0 Monthly timeframe
2:21 Weekly timeframe
5:28 Daily timeframe
7:00 4hr timeframe
10:27 1hr timeframe
There are a few scenarios that we can observe here for Eurusd this week .
1. Eurusd Pulls up prior to Interest rates ( Stays above 1.065 Daily support zone) and continues to retrace with Interest rates remaining the same or cut 25 points
2. Eurusd Pullback early in the week( 1.0706 & 1.0754) as we are currently observing which precedes a continuation to the downside (1.0608 & 1.055) with Interest rates as the catalyst
3. Eurusd rate increase and EURUSD bearish Continuation towards 1.055 Monthly/weekly support level
So price has continued to retrace EUR rate increase, PPI, and retail sales data from last thursday. Consumer sentiment on Friday was not great for USD and price retraced in favor of EUR as well. It's a sort of change of character as sellers ( USD Buyers) do not appear to be in control. Sometimes when you observe a short or medium term top or bottom formulate in the market, it begins with a blowoff push in the direction of the trend. This blowoff is great for those trading with the trend, but if those traders don't Take Profit they go into denial as price retraces and retraces against them. This move on thursday 9/14 is a 100 pips blowoff that may act as our catalyst for a short-medium term reversal in the market.
0:0 Monthly timeframe
2:21 Weekly timeframe
5:28 Daily timeframe
7:00 4hr timeframe
10:27 1hr timeframe
There are a few scenarios that we can observe here for Eurusd this week .
1. Eurusd Pulls up prior to Interest rates ( Stays above 1.065 Daily support zone) and continues to retrace with Interest rates remaining the same or cut 25 points
2. Eurusd Pullback early in the week( 1.0706 & 1.0754) as we are currently observing which precedes a continuation to the downside (1.0608 & 1.055) with Interest rates as the catalyst
3. Eurusd rate increase and EURUSD bearish Continuation towards 1.055 Monthly/weekly support level
So price has continued to retrace EUR rate increase, PPI, and retail sales data from last thursday. Consumer sentiment on Friday was not great for USD and price retraced in favor of EUR as well. It's a sort of change of character as sellers ( USD Buyers) do not appear to be in control. Sometimes when you observe a short or medium term top or bottom formulate in the market, it begins with a blowoff push in the direction of the trend. This blowoff is great for those trading with the trend, but if those traders don't Take Profit they go into denial as price retraces and retraces against them. This move on thursday 9/14 is a 100 pips blowoff that may act as our catalyst for a short-medium term reversal in the market.
Comment:
Hello everyone. So I was anticipating a retrace or consolidation prior to Interest rates on Wednesday. I called out a few important prices that I like such as 1.068 1hr support zone and 1.07 weekly resistance zone. Price retraced to the upside and overall consolidated on the day after seeing a reversal with NY session. All anticipated in advance
