EURUSD - Weekly Strategy Update - April 19 2020
Monthly Price Activity Recap:
Price has stayed within the triangle formation. What started off as weak buying in previous months has turned into weakening selling pressure that mimics the weakening of buys near the end of the originating breakout shown in the above break.
We are also seeing that price failed to break the previous low of the last monthly swing for the last three sessions (three months).
Daily Price Activity Recap:
Price within the new higher low is showing a massive price consolation / accumulation. We will likely see a break above or below this area and will likely set the direction of the trade.
Within the weak selling area we are seeing the slow and gradual descent of price and slowly looks as to be flattening out as lower lows and lower highs fail.
Price is also sitting on a demand level / zone close to the monthly areas where we have seen price turn around 1.05648 & 1.03628.
Hourly Entry Hunt:
I am looking to get into long position because price seems to be sitting ontop of a monthly demand zone, which would indicate that there are buy orders pending below that should act as a supportive structure. I will be looking at the price action at this area and looking for a strong long confirmation candle to enter into the trade.
Entry: 1.08773
Exit: 1.08630
Target One: 1.09373
RR Ratio: 10/60 ~ 1:6
Price has stayed within the triangle formation. What started off as weak buying in previous months has turned into weakening selling pressure that mimics the weakening of buys near the end of the originating breakout shown in the above break.
We are also seeing that price failed to break the previous low of the last monthly swing for the last three sessions (three months).
Daily Price Activity Recap:
Price within the new higher low is showing a massive price consolation / accumulation. We will likely see a break above or below this area and will likely set the direction of the trade.
Within the weak selling area we are seeing the slow and gradual descent of price and slowly looks as to be flattening out as lower lows and lower highs fail.
Price is also sitting on a demand level / zone close to the monthly areas where we have seen price turn around 1.05648 & 1.03628.
Hourly Entry Hunt:
I am looking to get into long position because price seems to be sitting ontop of a monthly demand zone, which would indicate that there are buy orders pending below that should act as a supportive structure. I will be looking at the price action at this area and looking for a strong long confirmation candle to enter into the trade.
Entry: 1.08773
Exit: 1.08630
Target One: 1.09373
RR Ratio: 10/60 ~ 1:6
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