A potential Bullish weekly outlook on EURUSD
Updated
After seeing price taking out a weekly FVG (which can also be identified as a Internal Range Liquidity) and rejecting to close bullish, I am more interested on seeing price moving higher and take out Buyside Liquidity (which can also be identified as External Range Liquidity). Hence the reason to why I'm expecting a Bullish move coming next week.
Now as outlined on the chart how price can move to the upside is not fully known to me thus far because I can see three possibilities:
1: Price moves down and re-balance the FVG below before
moving higher.
2: Price can move further lower and take out the Lows below
and find the fuel it needs to mover up and take out the
BSL.
3: Price can just continue to move Higher and higher and
take out the BSL without retracing lower.
All in all the market can do whatever it decided to do depending on it's own factors and I'll continue to edit my views accordingly, but as of now BULLISH outlook is what makes more sense to me.
Now as outlined on the chart how price can move to the upside is not fully known to me thus far because I can see three possibilities:
1: Price moves down and re-balance the FVG below before
moving higher.
2: Price can move further lower and take out the Lows below
and find the fuel it needs to mover up and take out the
BSL.
3: Price can just continue to move Higher and higher and
take out the BSL without retracing lower.
All in all the market can do whatever it decided to do depending on it's own factors and I'll continue to edit my views accordingly, but as of now BULLISH outlook is what makes more sense to me.
Trade closed: target reached
So since the target (ERL) has been reached on Monday and also due to the number of red folder news still to come this week, I am in NO RUSH to try predict potential future moves but will just follow what the market is going to do next from here.
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