EURUSD MARKET ANALYSIS
Good evening traders, as we head into the festive season month of December I hope you're all doing well and ready for this trading week. Into the charts this week I'm looking at EURUSD where price had been bullish the previous week into this week. However price rallied to a key daily chart supply level at 1.04583 & 1.03839 which is the origin of the previous major drop to the daily demand at 0.96955 & 0.95860. Price has filled the major daily range from the daily chart supply to the daily demand and back to the daily supply.
Price rallied into supply and formed a strong rejection wick followed by a candle close below supply then a drop to 1.02380. Price rallied back into supply, formed another strong rejection wick followed by another candle close below supply. Took sell entries during London session at 1.03868 with SL at 1.04400. Setup taken is a rally base drop, a reversal setup and my 1st target is at the 1st H4 low at 1.02250 where price will have filled the 1st H4 range before either taking it out and dropping lower or reversing.
Price rallied into supply and formed a strong rejection wick followed by a candle close below supply then a drop to 1.02380. Price rallied back into supply, formed another strong rejection wick followed by another candle close below supply. Took sell entries during London session at 1.03868 with SL at 1.04400. Setup taken is a rally base drop, a reversal setup and my 1st target is at the 1st H4 low at 1.02250 where price will have filled the 1st H4 range before either taking it out and dropping lower or reversing.
Comments
Post a Comment