After successive trades to liquidity target, the market seems to have lost its Bearish momentum for a bit. This has seen the market take out our zone in a bid to turning Bullish.
For now, we are on a middle course. With the 1 hour reversing Bullish while the 4 hour maintains its Bearish momentum, it is difficult to say whichi direction the market would go for certain.
A second look, not at the charts, but to reservoir of knowledge would reveal that the 1 hour is expected to move in the direction of the 4 hour. And so the 1 hour Bulish impulse is expected to form a retracement for the 4 hour chart, following which the 1 hour impulse will be wiped out by the 4 hour extension.
This is my perspective on this pair
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The 1 hour chart has maintained its bullish momentum fron yesterday. It has gone ahead to clear out the 4 hour zone and breach the 4 hour Bearish PB.
Trend is now Bullish on the 1 hour and 4 hour timeframes, and this brings them in sync with the direction of the Daily chart timeframe
The 1 hour chart has maintained its bullish momentum fron yesterday. It has gone ahead to clear out the 4 hour zone and breach the 4 hour Bearish PB.
Trend is now Bullish on the 1 hour and 4 hour timeframes, and this brings them in sync with the direction of the Daily chart timeframe
