A MASSIVE 200 PIP MOVE SET TO OCCUR ON EURUSD? The 200 Pip move towards €1 or €0.96? I reckon the latter will occur first. Below are my confluences (reasons) as to why I see EURUSD reaching €0.96 in the coming days/ weeks.
Confluences
- The DXY is very bullish with Commercial banks (Smart Money) being Net Long on the U.S Dollar Index (see ). Which results in XXXUSD pairs being Bearish.
- EURUSD has been in a Bearish Orderflow on the Higher Timeframe (HTF), so it would make sense to follow the order flow until a key Discount array has been reached before a Break in Market structure to become bullish.
- EURUSD is currently at a 4 Hour Bearish OB (Which is at premium array of the current 4 hour range price is trading within).
- Institutional Price level (IPL) €0.98500 is a strong sell entry point as the institutions will be looking to sell their EURO for USD during the NY Session (which is a great time to get good entries during a volatile time of the Market day).
- €0.98500 is also the close of the Fair Value Gap above current Price which is also within the 4 hour Bearish OB mentioned in the 2nd confluence above.
- €0.96000 is a great Take Profit area for the Swing position since there is a Fair Value Gap that has not been closed fully. That is also the Discount Array of the price Range EURUSD is trading within.
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With this said, Happy Trading Pals
