This is a day trade setup.
Before going in to the technical reasons behind the setup , its important to state that there are no fundamentals/news releases tomorrow except for the geopolitical risks from the Russian - Ukraine invasion , which we see has an effect of the market with increased volatility and increased liquidity in some asset classes.
Starting off my analysis on the 4hr chart , price is trading in a bearish channel , on Thur . 24' feb price retested the bottom trendline of the channel also reacting to yearly level @ 1.32895 where there was thereafter a strong shit of momentum from bearish to bullish with price moving +0.80% on one 4HR candlestick. Currently price is reacting to 4hr liquidity pool ranging from @ 1.34248 to @ 1.34177 inside the pool there is a 4hr supply imbalance with proximal price @ 1.1.34177 which is in control.
On the hourly chart price is reacting to the top of a bearish trendline , failing to close above it as on of current . I am shorting th forex major with a 1:3 risk, reward with targets at hourly demand valley. Price did find intraday support @ 1.33690 but i anticipate a break below it to the demand zone.
my overall long term bias on the pair still remains bullish , wait on the next idea to see why.
“Any leadership that is observant and committed to its people will always find better ways to solve problems.”
― Gift Gugu Mon
Before going in to the technical reasons behind the setup , its important to state that there are no fundamentals/news releases tomorrow except for the geopolitical risks from the Russian - Ukraine invasion , which we see has an effect of the market with increased volatility and increased liquidity in some asset classes.
Starting off my analysis on the 4hr chart , price is trading in a bearish channel , on Thur . 24' feb price retested the bottom trendline of the channel also reacting to yearly level @ 1.32895 where there was thereafter a strong shit of momentum from bearish to bullish with price moving +0.80% on one 4HR candlestick. Currently price is reacting to 4hr liquidity pool ranging from @ 1.34248 to @ 1.34177 inside the pool there is a 4hr supply imbalance with proximal price @ 1.1.34177 which is in control.
On the hourly chart price is reacting to the top of a bearish trendline , failing to close above it as on of current . I am shorting th forex major with a 1:3 risk, reward with targets at hourly demand valley. Price did find intraday support @ 1.33690 but i anticipate a break below it to the demand zone.
my overall long term bias on the pair still remains bullish , wait on the next idea to see why.
“Any leadership that is observant and committed to its people will always find better ways to solve problems.”
― Gift Gugu Mon
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