Is the 4-Hour Direction dictating the Bullishness...?From our analysis yesterday, we had a strong bias of dual direction on this pair. While the daily and 1 hour charts were saying the markets will be going bearish, the 4-hour was holding a bullish sway.
Yesterday, we saw the markets take a strong bullish swing that completely up-turned the bearish bias. We now have a bullish bias on both the 1 hour and 4 hour charts.
So let's analysis this market from the 1 hour perspective.
On the 1 hour, the market is in a bullish PB. It has gone on to make a high that is really up high. If the market begins to retrace at this level, we will look to see prices come into our refined zone, and from there look to take a bullish position. When that happens, our target would be the liquidity target above.
By this, it is clear that we are currently looking to have a bearish retracement into our PB and ultimately the 1 hour zone, but we need to have a confirmation before we can say for sure that the pullback has commenced.
