Price Rejected a key level of support and has been retracing. As you can see price has been creating higher lows and respecting the current trend.
In the short term we could see more bullish momentum leading into this week.
This week is PMI and NFP news so this could have an impact on price.
It is important to keep in mind that the overall trend on the HTF is still bearish so buys will be short lived and positions should be taken with caution when counter trend trading.
If you look at price on the 4H TF, you can see that price has broken structure and as long as support is formed and price respects 1843.30, we could see a bullish continuation until we reach the major level of resistance above.
In the short term we could see more bullish momentum leading into this week.
This week is PMI and NFP news so this could have an impact on price.
It is important to keep in mind that the overall trend on the HTF is still bearish so buys will be short lived and positions should be taken with caution when counter trend trading.
If you look at price on the 4H TF, you can see that price has broken structure and as long as support is formed and price respects 1843.30, we could see a bullish continuation until we reach the major level of resistance above.