WHERE IS EURUSD HEADED???
Fellow Traders,
I would like to draw your attention to the recent price action of the FIBER on the weekly and monthly timeframes. Specifically, the FIBER had an indecision week on the weekly timeframe, failing to take out either the high or low of the previous week. Looking at the monthly timeframe, we can observe that the price action of Q1 (January, February, and March) was held in consolidation, and I am keen on seeing what this quarter has to offer. I am still watching out to see how price reacts off the monthly inefficiencies.
Upon scaling down to the weekly timeframe, apart from the indecision week (failed to take out either high or low of the previous week), I have also noticed that the Weekly Bearish propulsion block is still offering resistance to price. While I remain bullish on the FIBER long-term, given my bearish outlook on the dollar index, I might consider the idea of short-term bearishness if I see the market open and price gunning for buyside liquidity first. The levels I am watching out for in price for a raid of buyside liquidity are 1.09263 and 1.09298, respectively. The reason for my consideration of short-term bearishness on the FIBER is because we are still trading at a premium of the weekly range, and we might see price drive back into equilibrium of the range to accumulate longs.
On the daily timeframe, I am watching to see if the Daily BPR and the BISI offer support in price or not, or if we see a potential run for sell-side liquidity. The daily rejection block is also in focus for a possible liquidity sweep or a possible BMS. Either way, we are at a crucial point in price now, and I might be on my hands for most of the week.
Fundamentally, we have the UNEMPLOYMENT CLAIMS NUMBER coming out on Thursday and NON FARM PAYROLLS (MAR) ON Friday, and we will see an influx of volatility upon release.
Please note that this is not a trade advice. I wish everyone a profitable trading week.
DISCLAIMER!!!
THIS IS NOT A TRADE ADVISE.
I would like to draw your attention to the recent price action of the FIBER on the weekly and monthly timeframes. Specifically, the FIBER had an indecision week on the weekly timeframe, failing to take out either the high or low of the previous week. Looking at the monthly timeframe, we can observe that the price action of Q1 (January, February, and March) was held in consolidation, and I am keen on seeing what this quarter has to offer. I am still watching out to see how price reacts off the monthly inefficiencies.
Upon scaling down to the weekly timeframe, apart from the indecision week (failed to take out either high or low of the previous week), I have also noticed that the Weekly Bearish propulsion block is still offering resistance to price. While I remain bullish on the FIBER long-term, given my bearish outlook on the dollar index, I might consider the idea of short-term bearishness if I see the market open and price gunning for buyside liquidity first. The levels I am watching out for in price for a raid of buyside liquidity are 1.09263 and 1.09298, respectively. The reason for my consideration of short-term bearishness on the FIBER is because we are still trading at a premium of the weekly range, and we might see price drive back into equilibrium of the range to accumulate longs.
On the daily timeframe, I am watching to see if the Daily BPR and the BISI offer support in price or not, or if we see a potential run for sell-side liquidity. The daily rejection block is also in focus for a possible liquidity sweep or a possible BMS. Either way, we are at a crucial point in price now, and I might be on my hands for most of the week.
Fundamentally, we have the UNEMPLOYMENT CLAIMS NUMBER coming out on Thursday and NON FARM PAYROLLS (MAR) ON Friday, and we will see an influx of volatility upon release.
Please note that this is not a trade advice. I wish everyone a profitable trading week.
DISCLAIMER!!!
THIS IS NOT A TRADE ADVISE.
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