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Euro / U.S. Dollar
Short
Updated

Momentum Points South šŸ»

461
snapshot We can observe the 4hr candle jsut closed below 1.0882 4Hr support Zone. Price also doesn't seem to care too much about our Daily support level 1.08915. Price retraced during London Session and gathered some liquidity while touching into weekly level 1.094 before coinciding with a drop with better than expected USD news. Also upon the 4hr candle close, it printed an engulfing candle and a siginficant top wick. All signs are screaming more downside to come. It may be after a deeper retrace to around 1.0882 and 1.08915 area but probabilities suggest lower prices to 1.0847 4hr support zone. This zone also happens to be the previous weekly candle bottom wick that we are now going to fill with momentum leftover from last week? we'll see if we get the push and fill the 33 pip range with clean traffic to the left down to 1.0847.
Note
Price retesting 1.0882 and 1.08915 as expected. Ideally for sells back to the downside , waiting for at least 30 minute candle to print bearish (and form a resistance) is most ideal for short opportunities'. This is waiting for "confirmation". Stop loss goes above 30m candle or on a lower timeframe which you would have to determine yourself

snapshot
Note
Okay here we go Eurusd šŸ„°Thursday's usually have great volume. The next 4hr candle may be the catalyst. We want to see current 4hr close below 1.0882 4Hr Support Zone snapshot
ShrewdCatfx
Chart PatternsdollarindexeurodollarEURUSDkeylevelmomentumstrategymultitimeframeanalysisNEWSSupply and DemandsupportandresistancezonesTrend Analysis

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Chart PatternsdollarindexeurodollarEURUSDkeylevelmomentumstrategymultitimeframeanalysisNEWSSupply and DemandsupportandresistancezonesTrend Analysis
ShrewdCatfx

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.