JICPT|EURUSD bouncing from key demand zones!
Hello forex traders. This is a follow-up post regarding my published idea titled 'EURUSD approaching weekly demand z with falling wedge!'. After patient waiting, not only the weekly but the daily demand got touched.
Let's have a look of DXY, the dollar index as below. I came up with two possible scenarios with the second one being the price path afterwards. The strong job data did give DXY a push to the upside. Hence the mirror which is EURUSD got weekend since then.
Now, Let's look at the EURUSD chart. The formation of green candle on the daily inspired me to have two trading plans below:
1. Bullish: buyers come in to reverse the downtrend. I will look for bullish setup on the 60m. Pattern formation includes bullish engulfing, duo MA bullish system trigger. This is a reversal setup against the current trend.
2. Bearish: buyers couldn't stop sellers. Key level of 1.1700 got firmly violated. I will look for bearish setup on the 60m. I tends to join in for the pull back to reduce the risk. This is a continuation setup following the current trend.
What's your opinion? Give me a like if you're with me. Thank you for your support.
Let's have a look of DXY, the dollar index as below. I came up with two possible scenarios with the second one being the price path afterwards. The strong job data did give DXY a push to the upside. Hence the mirror which is EURUSD got weekend since then.
Now, Let's look at the EURUSD chart. The formation of green candle on the daily inspired me to have two trading plans below:
1. Bullish: buyers come in to reverse the downtrend. I will look for bullish setup on the 60m. Pattern formation includes bullish engulfing, duo MA bullish system trigger. This is a reversal setup against the current trend.
2. Bearish: buyers couldn't stop sellers. Key level of 1.1700 got firmly violated. I will look for bearish setup on the 60m. I tends to join in for the pull back to reduce the risk. This is a continuation setup following the current trend.
What's your opinion? Give me a like if you're with me. Thank you for your support.
plan your trade and trade your plan
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