EURUSD MARKET ANALYSIS

 Good morning traders, it's another great Thursday presenting profitable opportunities in the markets and I hope you're all ready to partake in it. Into the charts today I'm looking at EURUSD where price failed to get to my target demand zone from the previous trade I posted and instead reversed from the H1 low at 1.09700 hence closing out my positions. Price rallied back to the major H1 & H4 supply zone at 1.10736 & 1.01452. Price faked out a break of supply on H1 with candle close above supply followed by a strong H1 bearish engulfing candle that closed below supply. Price retraced back into supply for a retest before a continuation of the drop. Took sell positions during London session at 1.10562 with SL at 1.10800. Setup taken is a rally base drop, a reversal setup and my 1st target is at the 1st H1 low at 1.09700 before price either shifts and reverses again or price breaks and continues dropping.

Price consolidated inside supply during London session with slow moves but leaving bearish traces in form of a H1 bearish engulfing candle with candle close below supply followed by a retest of supply before a continuation of the drop. Price gained strong bearish momentum during NY session dropping in 3 large H1 bearish candles to 1.10000 confirming a shift in market structure to bearish and still showed more bearish potential. Price failed to break the H1 low formed at 1.10060 leaving a strong rejection wick to the downside followed by a rally. Price retraced during late NY session into Asian session rallying to 1.10340, a minor H1 bearish BOS from where price dropped again back to 1.10010 showing a potential continuation of the drop. Price then rallied back to retest the minor H1 BOS at 1.10340 right before London session open which was then followed by a strong H1 bearish engulfing candle showing more bearish momentum.