Bullish Exit of 2Hr P-Channel... Will it continue..?
---- ANALYSIS ----
... Friday's US NFP announcement created a 60-pip "pop" in price action
... As of SUN, price is now (slightly) above upper limit of 2h P-Channel
... Price also seems to have support at 1.1265 level
... AND, Price stayed ABOVE channel to close out the week (poss. BUILDUP)
... Despite BULLISH sentiment, still a chance of price retracing back into 2h P-Channel
... This is due to 1) "day-after" profit taking and 2) further analysis of US-NFP report as "not as bad" as 1st reported.
... Regardless, signs favor further BULLISH momentum going into this week.
---- ACTIONS ----
... Setting alert(s) at approx 1.1290 to monitor Price Action further.
... Depending on PA, one may enter Aggressive LONG at 1.129xx, or
... Wait to enter conservative LONG above 1.1300
---- IMPORTANT NOTE ---
... Be mindful of Wkly timeframe...!! (see snapshot below)
... Price is currently near top of ~900-pip Wkly P-Channel
... At top of channel is Major S/R level (1.1425)
... However, at current price (1.1300), there is still lots of room for a +40p (or greater) LONG trade
... And will re-evaluate options if/when Price approaches 1.1425
---- REFERENCE ----
EURUSD - Weekly Chart
... Friday's US NFP announcement created a 60-pip "pop" in price action
... As of SUN, price is now (slightly) above upper limit of 2h P-Channel
... Price also seems to have support at 1.1265 level
... AND, Price stayed ABOVE channel to close out the week (poss. BUILDUP)
... Despite BULLISH sentiment, still a chance of price retracing back into 2h P-Channel
... This is due to 1) "day-after" profit taking and 2) further analysis of US-NFP report as "not as bad" as 1st reported.
... Regardless, signs favor further BULLISH momentum going into this week.
---- ACTIONS ----
... Setting alert(s) at approx 1.1290 to monitor Price Action further.
... Depending on PA, one may enter Aggressive LONG at 1.129xx, or
... Wait to enter conservative LONG above 1.1300
---- IMPORTANT NOTE ---
... Be mindful of Wkly timeframe...!! (see snapshot below)
... Price is currently near top of ~900-pip Wkly P-Channel
... At top of channel is Major S/R level (1.1425)
... However, at current price (1.1300), there is still lots of room for a +40p (or greater) LONG trade
... And will re-evaluate options if/when Price approaches 1.1425
---- REFERENCE ----
EURUSD - Weekly Chart
