EURUSD ChoCH after CPI release
Today we can observe a ChoCH aka "Change of Character" of the EURUSD trend from bullish to bearish on the lower intraday timeframe since the higher low was broken because of the high CPI news.
What this means is that the higher timeframe bearish trend is set to resume officially after the retracement we had in the past 2 weeks.
As an SMC trader, I see potential shorts at the new supply area created after the CPI news today.
As usual, sell limits will be placed at the 50% fulfillment of the new supply area with stop loss just above the PDH (previous day high) to give the trade some breathing room.
There is a high chance that price might not retrace to that supply area but if the trade does indeed get triggered, we can ride it down to potentially new ATL (all-time-lows)
Cheers !
What this means is that the higher timeframe bearish trend is set to resume officially after the retracement we had in the past 2 weeks.
As an SMC trader, I see potential shorts at the new supply area created after the CPI news today.
As usual, sell limits will be placed at the 50% fulfillment of the new supply area with stop loss just above the PDH (previous day high) to give the trade some breathing room.
There is a high chance that price might not retrace to that supply area but if the trade does indeed get triggered, we can ride it down to potentially new ATL (all-time-lows)
Cheers !
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