Fomo Buyers + News Correction of Unemployment & PPI Data 🎢
Updated
You may observe rejection of 1.1057 Weekly Level as mentioned in prev post. Very good sell opportunities as we rejected the weekly level and Fomo buyers were caught off guard. The American consumer is struggling and can be observed by retail sales data. We had a 7am Continuation when consumer sentiment was released , acting as a catalyst to continue momentum of the already established direction as we rejected 1.1057 weekly level as big buyers TP above 1.103 extreme prices.
We would prefer to See the Daily candle to close below 1.0988 for Sells to continue. For Buyers we maintain an overall bullish trend if we hold above 1.0988. We do see some very large engulfing candles on the 4Hr on EU here. That is why I'm looking for some sort of continuation to the lows as we walk into the weekend and the open on Sunday. I think DXY bulls are on to something here but it is CPI week and the weekly candle is closing bullish. I would like to be proven wrong early in week next week like Sunday/Monday for more buys back up to 1.1057 and higher.
We would prefer to See the Daily candle to close below 1.0988 for Sells to continue. For Buyers we maintain an overall bullish trend if we hold above 1.0988. We do see some very large engulfing candles on the 4Hr on EU here. That is why I'm looking for some sort of continuation to the lows as we walk into the weekend and the open on Sunday. I think DXY bulls are on to something here but it is CPI week and the weekly candle is closing bullish. I would like to be proven wrong early in week next week like Sunday/Monday for more buys back up to 1.1057 and higher.
Note
On Schedule to hit Eurusd @ 1.09725 . The 1Hr candle just closed below our daily level at 1.0988. Early in the week we are seeing continued selling pressure. It will be interesting to see how this 4hr candle closes. If the first 4hr candle of the week closes below 1.0988, then we can be especially confident of a retest of the low. Trade closed: target reached
We have reached previous daily Low at 1.09725with momentum out of last week . This was anticipated.
We have another 4hr zone at 1.09765 . This is the last line
of defense for the bulls, otherwise I can see possible liquidity
below the new low at 1.09617, but even that is stretching it. We have
seen the 4hr engulfing candle from friday confirm itself with this start to the week. Safe trading
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