EURUSD MARKET ANALYSIS

 Hello traders, as I looked into the previous USDCHF market I'm also looking at EURUSD where price rallied into the major H1 & H4 supply zone at 1.10736 & 1.10452 which is the origin of the previous drop to the H1 & H4 demand zone at 1.09311 & 1.09101. Price has filled the H1 & H4 range from the major H1 & H4 supply zone at 1.10736 & 1.10452 to the H1 & H4 demand zone and back to the major H1 & H4 supply zone. Price rallied into the supply zone, failed to tap 1.10736 and instead formed rejection wicks on H1 with candle closes inside supply followed by a drop in a constant push away from supply. Took sell positions during London session open at 1.10480 with SL at 1.10740. Setup taken is a rally base drop, a reversal setup and my target is at the H1 & H4 demand zone at 1.09311 & 1.09101.

Price dropped in one large H1 bearish engulfing candle with candle close below supply. Price formed a weak H1 bullish candle that became engulfed by another H1 bearish candle during the retest of supply before a continuation of the drop. Took a scale-in sell position during NY session at 1.10309 with SL at 1.10500. Price gained strong bearish momentum into the session dropping 95 pips in strong H1 all bearish candles to 1.09645 confirming a shift in market structure to bearish. I anticipate a possible retracement for price to form a lower high before a continuation of the drop back to the major H1 & H4 demand zone for price to fill the H1 & H4 range.