Monthly Candle pulls back for Closure? ð EurUsd
Eurusd no mercy for the Monthly candle closure here.
0:0 Monthly timeframe
1:41 Weekly timeframe
3:57 daily timeframe
5:51 4hr timeframe
7:49 1hr timeframe
8:01 what happened during today
13:40 Bias for upcoming session
Today we observed a V-Shaped recovery on Eurusd fueled by missed GDP data. We can also attribute the pulback to an over-extended DXY, profit-taking, and Fomo liquidity chasing the market down...
Please let me know if you caught this retracement which I called out in my previous analysis about 24 hours ago.
With that said, I'm anticpating an increase into the close of the monthly candle. I believe it can continue to pullback and create a larger bottom wick. The current size of the bottom wick on eurusd on the Monthly timeframe is 86 pips. Today price pulled back up and closed a solid bullish candle back above the weekly timeframe support level at 1.054 which was our original bearish shorts target on the week. To end the week, I wouldn't be surprised to see another bullish push after that bullish daily candle close that we observed today. This bullish push could extend to 1.06071 1hr resistance zone. We have clean traffic up to that level .. a 28 pip clean range. inflation data not expected to chang eover the previous data point.. could be catalyst to continue to pullback to the upside but if we are wrong.. it may act as a catalyst to pull back down towards 1.054 weekly support level or 1.053-1.052 area.
0:0 Monthly timeframe
1:41 Weekly timeframe
3:57 daily timeframe
5:51 4hr timeframe
7:49 1hr timeframe
8:01 what happened during today
13:40 Bias for upcoming session
Today we observed a V-Shaped recovery on Eurusd fueled by missed GDP data. We can also attribute the pulback to an over-extended DXY, profit-taking, and Fomo liquidity chasing the market down...
Please let me know if you caught this retracement which I called out in my previous analysis about 24 hours ago.
With that said, I'm anticpating an increase into the close of the monthly candle. I believe it can continue to pullback and create a larger bottom wick. The current size of the bottom wick on eurusd on the Monthly timeframe is 86 pips. Today price pulled back up and closed a solid bullish candle back above the weekly timeframe support level at 1.054 which was our original bearish shorts target on the week. To end the week, I wouldn't be surprised to see another bullish push after that bullish daily candle close that we observed today. This bullish push could extend to 1.06071 1hr resistance zone. We have clean traffic up to that level .. a 28 pip clean range. inflation data not expected to chang eover the previous data point.. could be catalyst to continue to pullback to the upside but if we are wrong.. it may act as a catalyst to pull back down towards 1.054 weekly support level or 1.053-1.052 area.
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" To end the week, I wouldn't be surprised to see another bullish push after that bullish daily candle close that we observed today. This bullish push could extend to 1.06071 1hr resistance zone. "
