I am still long-term bearish on EURUSD until proven otherwise. With the current global climate, unprecedented events can occur at anytime and change everything on a dime.
My initial target for a reversal back to the downside is a 3-Week Sibi residing just above the current Monthly Sibi. It is salient that the 3-Week candle does not close in the upper quadrant of it's range. It would be reasonable for price to reach all the way to the Bearish Weekly Breaker before reversing, but a strong close above the Weekly iFVG above would make me reconsider my bias.
Narrative-wise, I am anticipating price to return into a 2-Week BPR before continuing higher into my short POIS. I'll post an analysis on the Daily timeframe for more specific scenarios.
My initial target for a reversal back to the downside is a 3-Week Sibi residing just above the current Monthly Sibi. It is salient that the 3-Week candle does not close in the upper quadrant of it's range. It would be reasonable for price to reach all the way to the Bearish Weekly Breaker before reversing, but a strong close above the Weekly iFVG above would make me reconsider my bias.
Narrative-wise, I am anticipating price to return into a 2-Week BPR before continuing higher into my short POIS. I'll post an analysis on the Daily timeframe for more specific scenarios.
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Just to note, that we traded into the Monthly Sibi already and this could be a possible top there for the time-being.
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Price is currently at the Sibi 2W (BPR) at the week's end on 10th November 23.
Let's see if we can trade up into the Sibi 3W or we have topped off.
Let's see if we can trade up into the Sibi 3W or we have topped off.
R2F