A pullback appears to be underway, following a sweep of inducement around the 15-minute level at 1.13900—marking our first significant Change of Character (CHoCH). This shift aligns with the broader narrative from the 1-hour timeframe, suggesting the potential for a deeper retracement into the extreme 1H order block.
With the current price trading around 1.13777, we anticipate a move back up to the 1.14078 level. This area is of interest for initiating short positions, in line with the ongoing correction.
Our first take-profit target is set at 1.13368, where we expect an initial reaction. Should bearish momentum continue, we foresee price extending lower to sweep the previous daily low at 1.12771 and potentially tapping into the daily external order block at 1.12664.
From there, we’ll closely monitor price behavior. If bullish intent begins to form, we’ll assess the potential for long setups targeting a move back toward the weekly high at 1.14190.
With the current price trading around 1.13777, we anticipate a move back up to the 1.14078 level. This area is of interest for initiating short positions, in line with the ongoing correction.
Our first take-profit target is set at 1.13368, where we expect an initial reaction. Should bearish momentum continue, we foresee price extending lower to sweep the previous daily low at 1.12771 and potentially tapping into the daily external order block at 1.12664.
From there, we’ll closely monitor price behavior. If bullish intent begins to form, we’ll assess the potential for long setups targeting a move back toward the weekly high at 1.14190.
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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.