EURUSD - Xtreeeme Volatility After 1.09473 Premium/Discount Atta
This is a follow-up on my previous post when I targeted 1.09473 as high probability draw as prior to that, the last candlebody closure above (premium pricing) was back in Jan, 8th 24. Even then, EURUSD failed to maintain a strong stance above, closing as a bullish spinning top doji.
In relation to DXY in my last post, due to my bias being short, it aided my bullish sentiment for EURUSD and both pairs tend to have reverse correlation in price action where risk on dollar = high probability rally from US denominated assets & risk off dollar = high probability sell-off in US denominated assets.
As business has been conducted and completed at the 1.10098 on Wednesday followed up with Friday, it is tricky to guage where the most probable draw on liquidity as we are in the middle of 'no-mans land'. We have the consequent encroachment of the 27th Dec 23 last upclose candle which is regarded as a higher timeframe order block coupled with the weekly volume imbalance (which we are not too far away from), daily bullish order block (printed on Thursday) mixed in with 1.09473 macro equilibrium.
Therefore, i will need to see more data to make an absolute judgement on where the market is most likely to draw to.
Note
Unlike GBPUSD, EURUSD has failed to make new macro highs yet.
Will we see this play out next week?
Check out my latest post to find out what happens!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.