EURUSD well we're gonna take left turn then another left turn and drive straight for a lil bit then take a couple more left turns. we're really gonna try to give it our best out there today.
Following my earlier post, we observe that price had entered the discount zone of the 4h range, penetrating past the PDL, and bouncing off the 38.2% fib level (and for you EMA traders bounced off the 4h 50ema).
So long as the PWL right at the bottom of the 4h range is not broken through, the overall macro bullish trend is still intact.
Having said that, 38.2% fib level is usually a shit retracement level to generate liquidity, so I would still anticipate price to head down further in an attempt to test the 50% fib level past the PWL instead - if this scenario plays out and there's a close past the PWL (and the 4h range low), we may be in for a macro trend structural shift to the downside. This is a higher probability since we have already tapped into the Weekly supply OB above and generated a strong reaction so far.
On an intraday basis we are within an internal range at the moment. If the above described narrative plays out, we may first head up for a internal retracement (either to the premium zone of the range, or fib retracement levels based off the downward leg from the high above) before a continuation of this new bearish trend.
EURUSD everyone who thinks they know where EURUSD is going comment under me either “bullish” or “bearish”. If you want to add your reasoning you can do so