The EUR/USD 1D TimeFrame is currently on a pull back
Here are the confluences:
Here are the confluences:
- ON THE 1D TIMEFRAME
- The price has hit the zone of ( 1.17261-1.17061 ) multiple times in this decade and for now the price has crossed this level and currently having a PULLBACK on it.
- To confirm it is a PULLBACK and not just a LIQUIDITY SWEEP we see that the chart is making HH and HL from FEBRUARY 25 after the CHoCH took place.
- Previously the price crossed the level, But the momentum was so strong that it left IMBALANCE in the market. For which the price had to retrace back to LIQUID AREA of ( 1.16187-1.15735 ) to compensate the IMBALANCE in the market.
- The price from there jumped up again to zone and tend to make HH to maintain the market structure. So the price is obeying rule of the pullback.
- In this process the price left a small FVG in the 1D TimeFrame.
- DOWN TO 4H TIMEFRAME
- The price has made an UPWARD CHANNEL previously making HH and HL. But recently the price broke that channel and 2 CHoCH are formed one after another. The price broke below the 2 HL and made a LL.
- DOWN TO 1H TIMEFRAME
- The price has left imbalance in the market due to the pull on the 1D,4H timeframe and resultantly a strong BULLISH trend in the 1D TimeFrame. This results in the creation of many FVGs.
- The price is in the phase of compensating the IMBALANCE in the market.
- DOWN TO THE 30 MIN TIMEFRAME
- A DRAGONFLY DOJI CANDLE is formed indicating a potential reversal after a downtrend.
- LOOKING FOR A LONG TRADE AFTER THE PRICE BREAKS ABOVE THE UPPER CHoCH.