Much smaller week in terms of pips than recent previous weeks. Week also closed bearish with more exhaustion from buyers and valuable seller momentum. Fundamentally on Brexit, we are short. From the daily we see a prominent bullish leg that is currently looking to pullback into 135.735 to print a new HL. There is breached supply in the area and 135 is a major QP and PL so we may tap 135.00 by the pip and transition swiftly somewhere in November. On the daily, we can clearly see the condensed area of wicks showing the indecision, exhaustion, and shift resulting from recent fundamentals.
On the 4H we have a key break of structure that should lead us down to 135.70. I am looking for a clean push and then price coming back to retest the zone before falling further. I don't have too much bullish sentiment going into this week.
*I am short this week but slightly bullish long term overall.
On the 4H we have a key break of structure that should lead us down to 135.70. I am looking for a clean push and then price coming back to retest the zone before falling further. I don't have too much bullish sentiment going into this week.
*I am short this week but slightly bullish long term overall.