From Structure, EURUSD will take a short-term long direction. This move will target the imbalance marked on the chart. Moreover, the dxy shows some weakness per my analysis. Let's see how this turns out!!
Daily trend = Downtrend
4H shows a corrective leg which has started reversing from the 78.6% retracement level.
Before pushing to the 0.786 fib level, a double top was formed on the correcetive leg which trapped most retail traders.
The pocket of liquidity was collected by smart money and now we can see UJ making its move to the down side.
For entry, i expect...
As we can see, market structure shows quite an advanced form of an uptrend.
Price action shows market trapped within a defined range created by the last impulsive move.
Market on the daily is slowly retracing to the 62% retracement level where we can see a move to the upside.
Again a falling wedge pattern is observed on the retracement.
Market has been consolidating between the zone marked in red and the 1.27500 level & from another point of view, we can see price moving in a downtrend channel. Price currently at a level which can serve as resistance to push price lower.
DAILY'S UPTREND STRUCTURE HAS BEEN BROKEN AND MARKET IS CURRENTLY RETESTING THE LOWS WHICH GOT BROKEN.
4H SHOWS DOUBLE TOP WHICH INDICATES FAILURE OF BUYERS TRYING TO PUSH PRICE HIGHER.
EU IS LIKELY TO SEE A PUSH TO THE DOWNSIDE
Daily trend: Uptrend with a current structure shift.
Price is currently retesting the lows of the previous structure.
Market might head down after the retest!
Trend of the market on the daily is a down trend.
Price had tested the major channel support level which coincides with the false breakout that happened previously.
Currently, the market is at a cluster of resistance within the channel which was previously support for price.
We're likely to see price reject or turn away from this current level of resistance or...
