Seeing how EURUSD is at extreme lows on the monthly and weekly and some long awaited news from ECB, there is a chance that EU could start reversing from this range.
EU's reaction after it swept and induced the previous lows and the subsequent PA, following NFP further strengthens this idea.
I will closely watch PA early in the week to see how price plays out and if I see any confirmations at the lower demand (Type 2 Scenario), or even following a sweep on the lows (Type 1 Scenario), I may start looking for longs. Upward targets as high as 1.08.
But just to be clear, I am still very bearish and will continue to look for shorting opportunities. I am just looking at this potential bullish scenario for some nice longs to target resting liquidity taken from the long push down if I am presented with required confirmations. I also have in my mind the idea that EU could potentially just range in this area for the next few weeks too!
EU's reaction after it swept and induced the previous lows and the subsequent PA, following NFP further strengthens this idea.
I will closely watch PA early in the week to see how price plays out and if I see any confirmations at the lower demand (Type 2 Scenario), or even following a sweep on the lows (Type 1 Scenario), I may start looking for longs. Upward targets as high as 1.08.
But just to be clear, I am still very bearish and will continue to look for shorting opportunities. I am just looking at this potential bullish scenario for some nice longs to target resting liquidity taken from the long push down if I am presented with required confirmations. I also have in my mind the idea that EU could potentially just range in this area for the next few weeks too!
NQ Trader