EURUSD (EURODOLLAR) MARKET ANALYSIS

 Hey traders, this week the EURUSD pair has been extremely bullish with price rallying 680 points to a key daily chart supply zone due to the ongoing dollar weakness. Price rallied to a key daily chart supply zone at 1.04097 & 1.03252 which is the origin of the previous drop to the major daily chart demand zone at 0.96959 & 0.95860. Price has filled the major daily range from supply to demand and back to supply. Price rallied into supply, faked out a break of supply and formed candle close above supply on H1 & H4 at 1.04396. However on the daily chart price formed a strong rejection wick and candle close inside supply showing the bearish reversal setup is still valid. Price dropped to 1.03100 then rallied back to 1.04936. Price failed to break the H1 & H4 high, reversed and dropped lower. Took sell entries during NY session at 1.03963 with SL at 1.04400. Setup taken is a rally base drop, a reversal setup and my 1st target is at the next H4 low at 0.99640.

Price dropped 90 pips to the next H1 low at 1.03130 then rallied to back into supply to the previous H1 high at 1.03945. Price failed to break the H1 high and reversed dropping 80 pips back to the previous H1 low at 1.03130 and closing the week with price at 1.03192. Price consolidated inside supply forming a minor H1 range from the H1 high at 1.03945 and the H1 low at 1.03130 within the week so my bias still remains bearish and I'm still holding my short positions. I anticipate the awaited bearish momentum will kick in during this coming week as price takes out the H1 low to form a lower low which confirms a shift in market structure to bearish.