short EUR/USD
Forming Bias:
5/2/2021
Monthly: price made a higher low but wasn't able to make a new high. rejected from the last high and may start a consolidation zone between 1.25 and 1.0. rejected from last high and bounced off a previous tested level.
Weekly: rejected off high and was unable to break the previous low but looks like it is making a lower high and may try to break the previous low again.
Daily: price rejected from previous lower high with a shooting star and maribozu candle to follow up. This corresponds to a third touch of a trend line confirming the trend line
Bias: price will continue bearish until it tests 1.7-1.6 again. 4 hour is over extended and showing signs of reversal. I expect the price to retrace and continue on a bearish trend. will put take profit at 1.7 with a partial take profit at 1.8.
reasons for entry:
Inverted hammer at previously tested level and then price tried to fill and break the large wick but was unable to.
on the 1 hour lower high was made and now a lower low has just been made.
DXY is making higher highs and higher lows.
5/2/2021
Monthly: price made a higher low but wasn't able to make a new high. rejected from the last high and may start a consolidation zone between 1.25 and 1.0. rejected from last high and bounced off a previous tested level.
Weekly: rejected off high and was unable to break the previous low but looks like it is making a lower high and may try to break the previous low again.
Daily: price rejected from previous lower high with a shooting star and maribozu candle to follow up. This corresponds to a third touch of a trend line confirming the trend line
Bias: price will continue bearish until it tests 1.7-1.6 again. 4 hour is over extended and showing signs of reversal. I expect the price to retrace and continue on a bearish trend. will put take profit at 1.7 with a partial take profit at 1.8.
reasons for entry:
Inverted hammer at previously tested level and then price tried to fill and break the large wick but was unable to.
on the 1 hour lower high was made and now a lower low has just been made.
DXY is making higher highs and higher lows.
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