EURUSD MARKET ANALYSIS

 Hello traders, it's another day to reap some gains from the opportunities presenting themselves in the markets so everyone buckle up. Into the markets today, I'm looking at EURUSD where price dropped into a major H4 & daily demand zone at 1.10564 & 1.09832 which is the origin of the previous major rally to the key H1 & H4 supply zone at 1.12548 & 1.12094. Price has filled the H1, H4 & daily range from the major daily demand zone to the key H1 & H4 supply zone and back to the major daily demand zone. Price dropped into demand and formed rejection wicks on H1 with candle close inside demand followed by a slight rally by a constant push away from demand. Took buy positions during London session at 1.10562 with SL at 1.10240. Setup taken is a drop base rally, a reversal setup and my target is at 1.12100 at the key H1 & H4 supply.

Price gained momentum during London session into NY session rallying 30 pips to the 1st H1 high at 1.10820. Price failed to break the H1 high and instead retraced back to demand. Price formed a H4 bullish candle with candle close above demand followed by a retracement back to demand as I awaited for FOMC to either confirm or invalidate bias. Price retraced back to entry then gained more bullish momentum after the FOMC news release. Price rallied 50 pips in one strong H1 bullish engulfing candle to 1.11060 confirming the bullish sentiment.

Price formed a higher high on H1 at 1.11130 then retraced during Asian session and formed a higher low at 1.10900. Price gained more bullish momentum during London session forming higher highs rallying 90 pips in strong momentum to the 1st key H1 high at 1.11400 confirming a shift in market structure to bullish. I anticipate a continuation of the rally back to the key H1 & H4 supply zone at 1.12548 & 1.12094.