After a significant downward expansion in DXY, we observed a consolidation around last week's low. This week, the market opened with a pullback.
The first stop for this pullback appears to be the current daily fractal high candle and the weekly bearish FVG on the chart. We can assess potential selling pressure from this area on lower timeframes. We'll be monitoring the wicks within this zone, along with any newly forming FVGs.
If the price breaks above this area, our next points of interest will be the gaps within the zone above the 0.5 swing level, and ultimately the swing high itself as the final target.
Given the current setup, we believe there are promising trading opportunities on EURUSD.
Take care until the next update!
The first stop for this pullback appears to be the current daily fractal high candle and the weekly bearish FVG on the chart. We can assess potential selling pressure from this area on lower timeframes. We'll be monitoring the wicks within this zone, along with any newly forming FVGs.
If the price breaks above this area, our next points of interest will be the gaps within the zone above the 0.5 swing level, and ultimately the swing high itself as the final target.
Given the current setup, we believe there are promising trading opportunities on EURUSD.
Take care until the next update!
Trade active
The marked zone triggered a price reaction, but was quickly pushed upward by buying volume from the H4 timeframe (H4 + FVG). The daily candle closed above the fractal high level.
At this point, buyers appear to be in control. The daily candle’s close will further confirm this momentum.
On the way up, the current weekly FVG (W-FVG) and the volume gap area on the daily chart (D-V GAP) may act as resistance zones. In contrast, the H4 FVG and H4 supply zones could offer support for further buys.
We believe the price has tradable distance across most major pairs, and potential pullbacks may provide valuable opportunities.
Wish you many pips!
Note
Short Update: Price has swept the fractal in the H4 +FVG zone and is showing a promising reaction so far. We're waiting for the candle to close. If it closes above the fractal point, the next key level will be the volume gap area just above the current price. A confirmed close above this gap could trigger the beginning of a bullish run.
However, if the price fails to hold and closes below the fractal level, we’ll shift our focus to potential downside targets.
Note
Wishing everyone a great week!
I would’ve liked to start the week with a new idea post, but for this setup, our view remains unchanged. Price has managed to close above the resistance areas we marked earlier and even broke through the bearish FVG on the weekly chart with a single candle close (iFVG area). The path ahead looks clear.
From here on, we’ll be watching the volume gap on the daily chart. A daily close above it would likely accelerate our momentum.
DXY targets are on the chart. EUR and GBP are yours!
Good luck, and see you in the next one!
Note
The importance of candle closure.
Everything seems to be on track, doesn't it? :)
Even after yesterday's intense manipulation.
See you in the next one!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.