Key Levels
Bearish – Confluence of three TF’s … Monthly OB 92.18 … Weekly 92.13 … Daily 92.23
Bullish – 2-day prior high 91.67
Bias – Wait and see
H1
Key Levels
Bearish – Same as Daily levels.
Bullish – 2-day prior high 91.67
Weekly … With the confluence of resistance levels right around 92.20 and with price filling in the Weekly SIBI at that same level last week, price has reached substantial resistance. If this level holds, I will be looking for the Dollar to drop and targeting the 91.00 level. BUT … price could also reach up to the 94.75 liquidity level. Have to watch price and see if the 92.20 level holds and pushes price lower or breaks and allows the Dollar to continue higher. Need a firm direction before trading.
Daily … You can see on the chart that there is just too much going on at this 92.20 area. We need clean areas to allow price to run before making any trades. Scenario 1) A retrace down to the NYMO open at 92.02 is possible before moving higher … Scenario 2) Price finds support for the Weekly FVG and moves higher with very little retracement … Scenario 3) Price drops and reaches for the 2-day prior low at 91.67.
Weekly … Until we know where the Dollar is heading, we cannot definitively determine a bias on the EURUSD. On this pair however, price has already moved into or through all three Bullish support areas. The key level to watch now is 1.1792, which if broken, marks the failing of the Monthly OB and price continuing lower. As of right now, this is where price looks like it wants to go this week.
Daily … Just like Scenario 1 and 2 on the Dollar, the EURUSD could retrace back up to the NYMO or Weekly FVG and then move lower. There is also a Daily imbalance up to a level of 1.962, which could draw price higher. Or like scenario 3, price could just continue dropping.
Key Levels
Bearish – 2-day prior low 1.3880
Bullish – 2-month prior high and H1 OB 1.3760
Weekly … The runup to the Monthly Rejection Block two weeks ago and subsequent price drop continues to feel heavy on price. Could see the GBPUSD continue to drop. I will be targeting the 2-month prior high at 1.3760 to fill in the monthly imbalance. Price right now is sitting on the Weekly BISI which could support it and cause price reverse and move higher this week. Likely will need to let Monday play out and get a feel for where price wants to go.
Daily … So far today, price has been in consolidation. The GBP is stronger based on EURGBP movement. So if the Dollar continues higher today and the EURUSD continues lower, expect the GBPUSD to stay in consolidation. When the GBPUSD decides to move lower, expect an explosive move out of consolidation.
DXY – Bullish day. We saw scenario 3 play out with price only retracing a little and finding support from the Weekly FVG before moving higher and completely filling in the Monthly FVG. Price has since retrace a little bit.
EURUSD – Bearish day. Price reached for the Weekly FVG resistance but did not quite make it before resuming its drop. We have seen a little retrace up this morning.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly 92.13 (92.78 Mean)
Bullish – BISI High 91.84
Bias – Bearish
H1
Key Levels
Bearish – OB 92.30 … next NYMO 92.35
Bullish – BISI High 91.84 (Daily)
Weekly … With the confluence of resistance levels right around 92.20 and with price filling in the Weekly SIBI at that same level last week, price has reached substantial resistance. If this level holds, I will be looking for the Dollar to drop and targeting the 91.00 level. BUT … price could also reach up to the 94.75 liquidity level. Have to watch price and see if the 92.20 level holds and pushes price lower or breaks and allows the Dollar to continue higher. Need a firm direction before trading.
Daily … Price took out the Daily OB from yesterday. However, it is still in the OB’s for the Monthly and Weekly TF’s. Until the mean of those OB’s, 93.11 and 92.78, are broken, they could still push price lower. This is what we are seeing so far today. I will be looking for price to reach into the Daily BISI 91.84. First, I will need to see a retrace higher. The Hourly OB at 92.30 would be the ideal retracement level, but there is an Hourly FVG and SIBI before that level that could also reject price and push it lower towards today’s target.
Key Levels
Bearish – SIBI low 1.1932
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Bullish
H1
Key Levels
Bearish – SIBI low 1.1932 (Daily)
Bullish – NYMO 1.1858 … Mean OB 1.1792 (Monthly)
Weekly … Until we know where the Dollar is heading, we cannot definitively determine a bias on the EURUSD. On this pair however, price has already moved into or through all three Bullish support areas. The key level to watch now is 1.1792, which if broken, marks the failing of the Monthly OB and price continuing lower. As of right now, this is where price looks like it wants to go this week.
Daily … The Weekly MB and Daily OB from yesterday were both taken out, leaving only the Monthly OB. The key level for this OB is 1.1792. Break that level and price will continue to drop. Today however, I am expecting price to move higher. Will be looking for a retrace down to 1.1865 or the NYMO at 1.1858, then bounce and reach for the Daily SIBI above 1.1932.
Weekly … The runup to the Monthly Rejection Block two weeks ago and subsequent price drop continues to feel heavy on price. Could see the GBPUSD continue to drop. I will be targeting the 2-month prior high at 1.3760 to fill in the monthly imbalance. Price right now is sitting on the Weekly BISI which could support it and cause price reverse and move higher this week. Likely will need to let Monday play out and get a feel for where price wants to go.
Daily … Ideally looking for the retrace down to the NYMO open at 1.3842 and then a move up to the Daily OB at 1.3924. But an alternate scenario could be that the move above yesterday’s consolidation could just be a stop run and now price will either move back into consolidation, allowing the EURUSD to move, or could expand to the downside and reach for the Monthly OB at 1.3736. Note that I am looking for the first scenario here.
DXY – Bearish day. While the day overall was bearish, we did not get the move lower we needed nor the retrace prior for a setup. After posting the forecast, price consolidated for the rest of the day.
EURUSD – Bullish day. As with the Dollar, price moved higher but then consolidated for the rest of the day. We did not get the retrace down as we wanted nor the following move higher.
GBPUSD – Bullish day. Price did move up to the Daily OB at 1.3924 as expected, however, there was not enough retracement for a trade setup. Needed a move down to at least 1.3846, but only got the 1.3860 level before moving higher.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – FVG Low 91.45
Bias – Bearish
H1
Key Levels
Bearish – NYMO 92.16 … next OB 92.30
Bullish – BISI High 91.84 (Daily)
Daily … The Monthly FVG was completely filled yesterday and price moved lower afterwards. Today I am looking for the dollar to be rejected off the NYMO at 92.16, which is the same area as the Monthly and Weekly OB’s. Then expecting price to reach for the sell stops below 91.90.
Key Levels
Bearish – Brkr 1.1962
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Bullish
H1
Key Levels
Bearish – Brkr 1.1962 (Daily)
Bullish – NYMO 1.1880 … next OB 1.1865
Daily … With the Dollar and EURUSD still moving in tandem (but opposite directions), I will be looking for price to drop to the NYMO at 1.1880 and then move higher, reaching at least for the Weekly open price at 1.1913 but potentially up to the Daily Breaker at 1.1962.
Key Levels
Bearish – OB 1.3924
Bullish – 2-month prior high 1.3760 … MB 1.3736
Bias – Bullish
H1
Key Levels
Bearish – OB 1.3924 (Daily)
Bullish – NYMO 1.3865 … next OB 1.3847
Daily … With the rejection from the Daily OB at 1.3924 yesterday, price dropped right into the Hourly OB at 1.3847 and then back up to the Hourly SIBI above 1.3910. Now I will be looking for a retrace down the NYMO at 1.3865 and possibly that same Hourly OB again, which sits just above the support of the Weekly Open Price at 1.3838. Then targeting yesterdays high and the Hourly SIBI & OB above 1.3940.
Beautiful delivery of price yesterday!! Trades on both the EURUSD and GBPUSD both in the green. See trade detail below yesterday’s recap.
DXY – Bearish day. Price retraced up, almost reaching the NYMO and then dropped and then indeed reached into the sell stops below 91.90 … creating a great trade setup.
EURUSD – Bullish day. Price dropped but did not quite reach the NYMO, same as the Dollar. This is why I use the M15 for trading. This timeframe gave a beautiful entry with almost no initial drawdown before moving up. It reached past the Weekly open, retraced a bit, and is now moving higher again towards that 1.1962 level.
GBPUSD – Bullish day. Nailed the high of day!!! Price retraced down past the NYMO before moving higher. Again, on the M15, there was a key entry level just below this NYMO. Check out the trade recap for the details. Price reached past the prior day high, retraced a bit, and hit the exact low of the SIBI at 1.3938. In fairness I did call for 1.3940, but the SIBI does start at 1.3938 … hmmm … Do I get credit?? lol
Both EURUSD and GBPUSD trades are still running. I have taken partials on both at the first target.
EURUSD – M15
You can see on the chart that the Bullish OB at 1.1884 was just above the NYMO at 1.1880. Had I waited for the NYMO, I would have missed the entry. That is why it is important to use a lower timeframe to refine entries. Target 1 yielded 31 pips with potentially another 30 pips to T2. I have trailed the SL up below newly created pivot lows. It is currently sitting at 1.1911 (the charts shows a typo of 1.9011). This locks in at least 27 pips on the 2nd portion of the trade but targeting 1.1945.
On the GBPUSD, the M15 bullish OB at 1.3858 is just below the NYMO at 1.3865 as shown on the chart. This improved our entry and risk to reward potential. Same as with the EURUSD, once the first target was reached, I trailed the SL up under newly formed pivot lows. Current SL is at 1.3916 and looks to be in jeopardy. Target 1 yielded almost 70 pips with another 35 pips to go for target 2. The current SL placement locks in at least 48 pips on the 2nd portion.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – FVG Low 91.45
Bias – Bearish
H1
Key Levels
Bearish – NYMO 91.81 …. OB 91.90 (Also Weekly Open level)
Bullish – BISI Low 91.67 (Daily) … OB 91.20
Daily … Expecting the drop in the Dollar to continue today. Will be looking for a retrace back up to or through the Daily BISI above 91.67 and up to the NYMO at 91.81 before dropping. Ultimate target will be 91.20 as I expect the Hourly BISI’s to draw price lower rather than act as support.
Key Levels
Bearish – Brkr 1.1962
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Bullish
H1
Key Levels
Bearish – Brkr 1.1962 (Daily)
Bullish – NYMO 1.1928 … next OB 1.1865
Daily … Again today I will be looking for a drop down towards the New York Midnight Open at 1.1928 (use M15 for refinement and entry) and then a move higher towards the Daily Bearish Breaker at 1.1962. Note this is my target from yesterday still. The retrace down to NYMO presents an opportunity to add on to that position.
Key Levels
Bearish – OB 1.3924 … FVG Low 1.4028
Bullish – BISI High 1.3830 (Weekly)
Bias – Bullish
H1
Key Levels
Bearish – OB 1.3981
Bullish – OB 1.3913 … next OB 1.3847
Daily … Price is hovering around the NYMO. I will be looking for a drop to the Hourly OB at 1.3913 and then a move higher through the Hourly SIBI above 1.3938 and to the OB at 1.3981.
Both trades from Wednesday hit their second targets yesterday.
DXY – Bearish day. Got a nice retrace back up the NYMO as expected and then a sharp drop in price right after. Did not get to the goal of 91.20 but we did fill in the first Hourly BISI and touch the second.
EURUSD – Bullish day. Also got the retrace back to the NYMO on EURUSD … to the pip! Price then moved back up through the Daily Breaker and into the Hourly SIBI before reversing today. No trades as the Daily Breaker was to close to the NYMO and place a limit on the upside.
GBPUSD – Bullish day. Also preformed exactly as forecasted. Price retraced down the NYMO … entry would have been about 6 pips before the NYMO based on the M15 TF. Price then shot straight up to the Hourly OB at 1.3981. I also did not trade this one due to the limited upside.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – FVG Low 91.45
Bias – Bullish
H1
Key Levels
Bearish – OB 91.90 (Also Weekly Open level) … Two levels mentioned above for Daily Bearish areas
Bullish – OB 91.58 (not drawn … weak level) and the NYMO which is much stronger.
Daily … The dollar looks like it wants to keep moving higher today. However, we could see resistance at the 92.00 level and then at the Weekly and Monthly OB just above. There is quite a bit of resistance nearby right now. Breakthrough those levels and we should see price move up to the Hourly OB at 92.30.
Key Levels
Bearish – Brkr 1.1962
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Bearish
H1
Key Levels
Bearish – Brkr 1.1962 (Daily)
Bullish – NYMO 1.1928 … next OB 1.1865
Daily … Looking for price to drop all the down to at least 1.1865 into an Hourly OB. There is not really any support until that level. Will be looking for a retrace up to the Weekly FVG low at 1.1932. This retrace is not high enough for an entry based on my trading rules though.
Key Levels
Bearish – NYMO 1.3978
Bullish – OB 1.3913 … next OB 1.3847
Daily … Price just hit the Hourly OB at 1.3913. Looking for a bounce up to at least 1.3956, then will use the M15 to look at an entry area and target the Hourly OB at 1.3847, which correlates to the Weekly Open price.
DXY – Bullish day. Price consolidated around the Hourly OB at 91.90 and moved slightly higher towards that 92.00 level I mentioned could act as resistance. It did just that and pushed price back down almost all the way to the NYMO.
EURUSD – Bearish day. Price found support at the Weekly Open price around 1.1913. I missed this level when I said there was no support until the Hourly OB at 1.1865. Clearly this was a very important level that I missed. It then closed near the NYMO just as the Dollar did.
GBPUSD – Bearish day. Did not get the retrace up needed to find an entry. Price just kept dropping. Din not quite reach the targeted Hourly OB at 1.3847 before moving higher and eventually closing near the Daily OB at 1.3924.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – FVG Low 91.45
Bias – Flat to Bearish
H1
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – Weekly Open 91.70 … next NYMO 91.66
Weekly … So far for the month, the Monthly and Weekly Bearish OB’s at 92.18 have held strong and provided resistance for the Dollar. Last week price moved up and filled in the Monthly FVG (price imbalance) before reversing and moving lower. This is a bearish sign and points to a drop in the Dollar. These last two weeks could have been a stop run above the February high at 91.60 in order to take out short sellers that entered after that and to bring in long buyers and trap them before moving lower. This week I will be looking for the Dollar to move lower. From an Institutional view, this looks like the optimal strategy.
Daily … Price up today and then already retraced back to this week’s open and an Hourly OB before moving a little higher. So far it is a small reaction which lends credence to a weakening Dollar. Today I am expecting price to either consolidate or move lower. Will be targeting the Hourly BISI below 91.40 and the OB at 91.20 if price does move lower.
Key Levels
Bearish – Brkr 1.1962
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Flat to Bullish
H1
Key Levels
Bearish – NYMO 1.1954 … next Brkr 1.1962 (Daily)
Bullish – OB 1.1865
Weekly … Like on the Dollar, the EURUSD has found support at the Bullish Monthly OB. Price can still move down to 1.1792 and then turn bullish. If we see the Dollar drop, I will be expecting the EURUSD to move higher and reach for the liquidity above 1.2350 and the Rejection Block at 1.2414.
Daily … Price is sitting on the Monthly Bullish OB at 1.1986. I am expecting this to act as support today and either push price higher or consolidate alongside the Dollar. If Price moves higher, I will be targeting the Hourly Bearish OB at 1.2032.
Key Levels
Bearish – OB 1.3987
Bullish – NYMO 1.3927 and Weekly Open 1.3921
Weekly … March week 1’s rejection at the Monthly Rejection Block of 1.4189 pushed price lower, almost down to the January high of 1.3760 that I have been targeting. We got to 1.3780 before moving higher. Because of the expected drop in the Dollar, I am looking for the GBPUSD to continue moving higher or possibly consolidate. The EURGBP has reached a key support area which would allow the GBPUSD to consolidate while the EURUSD runs higher.
Daily … The liquidity draw above 1.4010 is going to be hard to avoid this week. I will be looking for price to move in the direction to at least take out the buy stops resting above that level. Today, price could also consolidate just like the Dollar and EURUSD. If price moves higher, I will be targeting 1.3987.
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – FVG High 91.36 (Weekly)
Bias – Bearish to Flat (pre FOMC)
H1
Key Levels
Bearish – Confluence of two TF’s … Monthly OB 92.18 (93.11 Mean) … Weekly OB 92.13 (92.78 Mean)
Bullish – Weekly Open 91.70
Hourly liquidity above 92.00
Daily … Yesterday, price moved higher to take some of the liquidity in the 92.00 area which rests above the Friday, Monday, and Tuesday highs. It is possible to see another deeper run above this area up to the Monthly and Weekly OB’s before dropping. But not expecting too much action before the FOMC announcement. Likely price will continue to move sideways up until the announcement.
Key Levels
Bearish – FVG Low 1.1990 (Weekly)
Bullish –OB 1.1792 (Mean of OB from Monthly 1.1936)
Bias – Bullish to flat (pre FOMC)
H1
Key Levels
Bearish – OB 1.1916
Bullish – OB 1.1865
Daily … Price took out the liquidity below 1.1910 yesterday and then consolidated. After a run on stops like this, typically price expands back the other direction. FOMC announcement has stymied price for the week. The Monthly Bullish OB is still supporting price. Looking for two scenarios today … 1) Price moves up to the Hourly Bearish OB at 1.1916 and then drops to the Hourly Bullish OB at 1.1865 or 2) With the liquidity run from yesterday, price expands upward and takes out yesterdays high … a retrace is not needed but will look for the NYMO at 1.1901 to support price in this scenario.
Key Levels
Bearish – Weekly Open 1.3921 … next OB 1.3987
Bullish – Rebalance Area 1.3856 … next BISI High 1.3830 (Weekly)
Daily … Will be looking for price to ultimately move higher to today pending FOMC. Ideal support area with the Hourly Rebalance at 1.3856. A retrace back to here and then move higher would be ideal. If the rebalance area is broken then I will be expecting yesterday’s low at 1.3809 to be taken.
DXY – Bearish day. Price moved sideways as expected right up until FOMC and then dropped like a rock. Price hit the Daily FVG and found support for now.
EURUSD – Bullish day. Scenario 2 played out nicely yesterday. Price stayed consolidated between the NYMO at 1.1901 and Bearish Hourly OB at 1.1916 up until FOMC. Then price shot up and found resistance at the Weekly FVG.
GBPUSD – Bullish day. The Hourly “ideal” support at the noted Rebalance area of 1.3857 was perfect. I do not trade the FOMC news, but if you did, you made over a 100 pips on that move in just over an hour.
Key Levels
Bearish – 2-day prior low 91.68 (Daily) AND Weekly Open 91.70 AND Hourly Brkr 91.69
Bullish – OB 91.20
Daily … For my trading today, I was looking for the Dollar to retrace up to the confluence of resistance levels around the 91.70 level and then drop. This has already happened. Now looking for price to reach the hourly liquidity below 91.35 and target the Hourly OB at 91.20. Note: price already made a swing below the NYMO and is now above it … normally I would expect price to continue and be bullish.
Daily … With a dollar drop, I am looking for the EURUSD to retrace down to the Monthly OB at 1.1936. There is a large hourly price imbalance (BISI) below, but price does not need to fill that in. It would be much more bullish to leave it open and then move higher. With price already moving to this support and bouncing, will be looking for price to reach for the Weekly and Daily FVG’s above 1.1990. Note: price already made a swing above the NYMO and is now below it … normally I would expect price to continue and be bearish.
Key Levels
Bearish – OB 1.3987
Bullish – NYMO 1.3943 … next OB 1.3887
Daily … As with the EURUSD, there is a large hourly price imbalance (BISI) sitting just below current price. But I am not expecting this to be filled in. Want it left open so that GBPUSD can move higher. A retrace down to the NYMO at 1.3943 or Weekly Open at 1.3921 is what I will be looking for prior to a move higher today. Will be targeting the Daily FVG above 1.4020. Note: price for the GBPUSD has not been below the NYMO. This is partly why I am expecting the EURUSD to be bullish and DXY to be Bearish given the moves already today.
DXY – Bullish day. Should have stuck with the normal narrative as I mentioned in my note on the forecast yesterday. The Dollar did indeed continue higher even though I was looking for it drop. It completely filled in the Hourly SIBI created from the FOMC announcement two days ago. Since filling in that range, price has started to drop.
GBPUSD – Bearish day. The GBPUSD followed the same narrative … moving lower with the Dollar moving higher. Had I been looking for this, there was a nice rejection off the Bearish Hourly OB at 1.3987 and then price dropped to the 2-day prior high at 1.3906.
Key Levels
Bearish – OB 92.13 (Monthly) and OB 92.18 (Weekly)
Bullish – FVG High 91.36 (Weekly)
Bias – Bearish
H1
Key Levels
Bearish – NYMO 91.85 … next OB 92.13 (Monthly) and OB 92.18 (Weekly)
Bullish – OB 91.48
Daily … Today I am expecting the Dollar to move down to the Weekly FVG high at 91.36 again. This has been a key level for supporting price over the 2 weeks. First looking for a retrace back to the NYMO at 91.85 then a move down.
Key Levels
Bearish – OB 1.1959 (weak … not expecting to provide resistance) … next FVG Low 1.1990 (Weekly & Daily)
Bullish – NYMO 1.1914 … next 1.1865
Daily … Expecting the EURUSD to move higher today and will be looking for a retrace back down towards the NYMO at 1.1914. Will then be targeting the Daily/Weekly FVG’s low at 1.1990.
Key Levels
Bearish – FVG Low 1.4028
Bullish – NYMO 1.3916 … next BISI high 1.3830 (Weekly)
Bias – Bullish
H1
Key Levels
Bearish – OB 1.3956 … next FVG low 1.4028 (Daily)
Bullish – NYMO 1.3916 … next OB 1.3887
Daily … The GBPUSD already moved up and hit the Bearish OB at 1.3956. Now looking for it retrace back down to the NYMO and then move higher again targeting yesterday’s high and the Daily FVG low at 1.4028.
DXY – Bullish day. We got the move today that I was looking for early in the week. Price moved up into the Weekly and Monthly Bearish OB’s above 92.13 and then dropped. Definitely not what I was looking for on Friday.
GBPUSD – Bearish day. After price hit the Hourly Bearish OB at 1.3956 it dropped like a rock. I did not get the retrace I was looking for at the NYMO. It stalled there and almost drew us in to buy at that level, but it immediately continued dropping all the way down to the Weekly BISI below the 1.3830 level.
Key Levels
Bearish – OB 92.13 (Monthly) and OB 92.18 (Weekly)
Bullish – FVG High 91.36 (Weekly)
Bias – Bearish
H1
Key Levels
Bearish – NYMO 92.00 … next OB 92.13 (Monthly) and OB 92.18 (Weekly)
Bullish – Gap Fill 91.95 … next Rebalance 91.55
Weekly … The Monthly and Weekly OB’s above 92.13 have kept price from moving higher. The expectation for this week is that these OB’s will continue to act as resistance and keep price below this level. I will be looking for the Dollar to drop and reach for the Monthly Bullish OB at 89.10.
Daily … Price already dropped and filled in the gap from the weekly open and then retraced up to the weekly open before dropping again. Looking for the Dollar to continue dropping today. However, there is a major roadblock with an Hourly Rebalance area below 91.85. This area would normally be good support. However, the Dollar looks very bearish today. So we could see price consolidate at this rebalance area prior to moving lower. We could see the Rebalance area hit, bounce back towards the NYMO and then move lower through the rebalance area.
Key Levels
Bearish – FVG Low 1.1990 (Weekly & Daily)
Bullish –RB 1.1844 … next OB 1.1936 (Monthly … mean 1.1792)
Bias – Bullish
H1
Key Levels
Bearish – Weekly Open 1.1904 … next OB 1.1920
Bullish – NYMO 1.1895 … next OB 1.1865
Weekly … Price has been moving right around the Monthly Bullish OB at 1.1936. Until it breaks the mean threshold at 1.1792, I will remain bullish on the EURUSD. With the Dollar sitting below a good resistance level, I will be expecting the EURUSD level to support price and drive it higher … potentially reaching for the liquidity above 1.2200 long term but 1.2000 as early as this week.
Daily … Price dropped from the weekly open and has since retraced back up to it. Today, I am looking for the EURUSD to continue higher. Looking for a retrace back to the NYMO at 1.1895 and then move higher, targeting the Hourly OB’s at 1.1920 and 1.1959.
Key Levels
Bearish – 2-Day Prior Low 1.3898 … next FVG Low 1.4028
Bullish –BISI high 1.3830 (Weekly)
Bias – Bullish
H1
Key Levels
Bearish – Weekly Open 1.3869 … next 2-Day Prior Low 1.3898 & MB 1.3900
Bullish – NYMO 1.3840
Weekly … The January high of 1.3760 was a target for retracement when March trading started. Price has come close but not quite reached that level. If price leaves the remaining area open and does not reach 1.3760, this will be very bullish for the GBPUSD. The Weekly BISI between 1.3758 and 1.3830 has worked well as support for all three weeks of March. Until shown something different, I will expect this area to continue supporting price and push it towards the liquidity above 1.4000.
Daily … Just like with the EURUSD, the GBPUSD dropped in early trading, retraced to Weekly Open resistance, and then dropped to NYMO support. I am expecting price to also continue higher on this pair. Will be looking for support area around the NYMO at 1.3840 and targeting the 2-day prior low at 1.3898 with coincides with an Hourly OB at 1.3900 followed by 1.3920 which was Friday’s high.
