We could be looking at a short-term downside to 162.000. Thoughts?
-News wise we could be looking at poorer economic US data and inflow into MMFs and safe haven assets.
-At an area of high reaction, 164.500 acting as an area of S&R.
-Broken market structure on 4H and 1H of uptrend.
I will remain on the sidelines until there is a confirmation on the 1H and 4H to confirm the resistance at the 164.500 area and then look for day trades during the London session.
If 164.500 is broken and acts as the support I will wait for confirmation and look for trade opportunities to 165.500 - 165.700/800
-News wise we could be looking at poorer economic US data and inflow into MMFs and safe haven assets.
-At an area of high reaction, 164.500 acting as an area of S&R.
-Broken market structure on 4H and 1H of uptrend.
I will remain on the sidelines until there is a confirmation on the 1H and 4H to confirm the resistance at the 164.500 area and then look for day trades during the London session.
If 164.500 is broken and acts as the support I will wait for confirmation and look for trade opportunities to 165.500 - 165.700/800