We have seen prices in a long bullish retracement over the past weeks.
Price dropped off from a Supply Zone around 0.8875 on July 10, 2023. In nearly 6 weeks, we saw prices drop to create Sell side liquidity at 0.85533, after which prices began to rally in a gradual bullish trend towards our supply zone.
We had patiently waited for prices to come into the zone and from there looked to see some Bearish reversals.
Currently, we can see that prices have come back into the Supply Zone at 0.8875, and our long-awaited Bearish reversal is in place. Market is currently having a bearish momentum.
By my personal estimation, I see an 80% chance of this Bearish momentum holding. If it holds and the market plays according to our analysis, we hope to see prices drop to clear out sell-side liquidity at the 0.85533 level and beyond.
We expect a Bearish run to go a minimum of 380 pips, to enable it to clear the lows of the sell side liquidity before we begin to look for a possible bullish pullback after a long Bearish push.
Price dropped off from a Supply Zone around 0.8875 on July 10, 2023. In nearly 6 weeks, we saw prices drop to create Sell side liquidity at 0.85533, after which prices began to rally in a gradual bullish trend towards our supply zone.
We had patiently waited for prices to come into the zone and from there looked to see some Bearish reversals.
Currently, we can see that prices have come back into the Supply Zone at 0.8875, and our long-awaited Bearish reversal is in place. Market is currently having a bearish momentum.
By my personal estimation, I see an 80% chance of this Bearish momentum holding. If it holds and the market plays according to our analysis, we hope to see prices drop to clear out sell-side liquidity at the 0.85533 level and beyond.
We expect a Bearish run to go a minimum of 380 pips, to enable it to clear the lows of the sell side liquidity before we begin to look for a possible bullish pullback after a long Bearish push.