Well hello folks, hope you are all well. Amirali here with another analysis.
As you can see in the 4H chart of EURUSD, after it hit the Bearish Breaker, it went down before a sudden surge of price yesterday, going from 1.1582 all the way to 1.1645, and then it started to correct itself around the May 18th NWOG, consolidating there and then a sudden fall and rise in price in the past 2 hours, now being traded at 1.1625.
If Fiber fails at stabilizing above the May 18th NWOG, another drop towards the Demand Zone is not out of the question. Currently, it's struggling to stay inside the NWOG, and it doesn't show much strength in the bullish side of the story.
If price stabilizes below the May 18th NWOG Low at 1.1619, possibility of another bearish leg towards the demand zone increases.
Unlike today's rise and fall, yesterday's sudden surge was not because of any news coming out, as if something has happened behind the scenes and the market reacted to it before the public are informed of it.
At the moment, if EURUSD manages to stabilize above the May 18th NWOG, it can go to retest the Bearish Breaker and if it goes through it, a rise towards the 1.1700 psychological resistance and then a move towards the supply zone is likely to happen.
As you can see in the 4H chart of EURUSD, after it hit the Bearish Breaker, it went down before a sudden surge of price yesterday, going from 1.1582 all the way to 1.1645, and then it started to correct itself around the May 18th NWOG, consolidating there and then a sudden fall and rise in price in the past 2 hours, now being traded at 1.1625.
If Fiber fails at stabilizing above the May 18th NWOG, another drop towards the Demand Zone is not out of the question. Currently, it's struggling to stay inside the NWOG, and it doesn't show much strength in the bullish side of the story.
If price stabilizes below the May 18th NWOG Low at 1.1619, possibility of another bearish leg towards the demand zone increases.
Unlike today's rise and fall, yesterday's sudden surge was not because of any news coming out, as if something has happened behind the scenes and the market reacted to it before the public are informed of it.
At the moment, if EURUSD manages to stabilize above the May 18th NWOG, it can go to retest the Bearish Breaker and if it goes through it, a rise towards the 1.1700 psychological resistance and then a move towards the supply zone is likely to happen.
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Free channel: t.me/AmirAliTrading_Official
Wanna join the Gold, Forex and Crypto Premium channel or do you wanna start the mentorship? Contact me: t.me/Amirali_Trading
Wanna join the Gold, Forex and Crypto Premium channel or do you wanna start the mentorship? Contact me: t.me/Amirali_Trading
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.