Ellison EUR/USD Morning analaysis 22/06
Updated
Continued buys from 1.096 or 1.093.
We look for a continuation of buys after yesterday's analysis.
We saw a significant breakout of the slow bearish correction we were in with new intraday highs created. Today I will be looking for corrections to the levels I've mentioned above for further buy opportunities.
Fundamentals
Jerome Powell's speech that came out yesterday happened to be a script that was already reported and the sentiment was very passive, so it did not significantly impact the market. I expect that the bullish move came from an expectation he may make some hawkish remarks and then when it came out lacklustre, the dollar remained on its descent.
We look for a continuation of buys after yesterday's analysis.
We saw a significant breakout of the slow bearish correction we were in with new intraday highs created. Today I will be looking for corrections to the levels I've mentioned above for further buy opportunities.
Fundamentals
Jerome Powell's speech that came out yesterday happened to be a script that was already reported and the sentiment was very passive, so it did not significantly impact the market. I expect that the bullish move came from an expectation he may make some hawkish remarks and then when it came out lacklustre, the dollar remained on its descent.
Note
If anyone is wondering what this price action may be doing, let me show you what's going on in my head.
Price could be doing either of three things:
1. Just continuing on its bullish course without wanting to commit to a pullback, as there is too much bullish pressure.
2. Coming back up to take out the highs and the seller liquidity before it continues its pullback.
3. Just coming higher to create some more sell pressure before continuing bearish.
It all depends on what the price action shows, right now it could be any one of these scenarios. The only way we can act on them is by waiting for a price confirmation in the form of a structural break. Never enter a trade on what you THINK may happen.
Note
Price broke above so this leaves two options.
If we see a close below 1.0985 then feel free to ride the pullback but with caution.
If we break back above nd close above the neckline then ride the longs.
Note
Note
Potential liquidity grab with price coming back into the range.Note
If this breaks structure and confirms a liquidity grab, then you can look for sells with a structure break and close below 1.0985
Note
Guess not. This is why we set our SL to the price structure.
Trust your trade and don't close early.
Note
UK Recession scares have indirectly caused the Euro to drop in value.Money is flooding out of Cable (GBP/USD) in response to the Prime Minister admitting the UK may need to enter a recession, causing the Dollar to rise against the Euro.
Note
Last attempt at buys.
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