EURUSD Trade Idea - May 22, 2024
The expectation for EURUSD - price continued its upward trajectory as evidenced by the continuation of HH and HL. Low trade volume at this time is causing the expected consolidation/weakening of the uptrend.
Bearish orderflow has been noted at the 1.08827 region, just above a previous daily high created on April 9, 2024. The expectation is that the combination of the orderflow and previous will cause price to retrace.
An important level being watched is the 1.08008 price region due to the folowing factors: 1) Golden Ratio Fib Level 2) Previous support/resistance level on the 4h TF.
Increased trading volume during the London and New York session, combined with an overall positive outlook for the pair, should see the increase in price at least up to the 1.09660 level over the next 18 hours.
Bearish orderflow has been noted at the 1.08827 region, just above a previous daily high created on April 9, 2024. The expectation is that the combination of the orderflow and previous will cause price to retrace.
An important level being watched is the 1.08008 price region due to the folowing factors: 1) Golden Ratio Fib Level 2) Previous support/resistance level on the 4h TF.
Increased trading volume during the London and New York session, combined with an overall positive outlook for the pair, should see the increase in price at least up to the 1.09660 level over the next 18 hours.
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