Euro / DollaroLong
EURUSD : Volume profile shows signs of upside continuation
Hi,
As I'll explain in another Idea : each and every trend is a series of breakthrough and retests of the latest volume nodes at said price.
As long as there are volume nodes to retest the trend can still continue but as soon as all the volume has been consumed the trend will finish. Maybe temporarily but yeah.
Here's EURUSD on the 1H chart
As you can see the last two volume nodes to retest were at 1.10775 and 1.10845 (I always mark them with a ray. Retests are the red circles) there were first a very precise entry short on the lower one and a second after the JOLTS news. This one wasn't as precise because momentum to the upside starts to pick up
So these two nodes were retested and still the price broke and closed above. That makes me believe the trend is now up.
As a target I would expect a new weekly high so 1.13 or more.
A few notes also : retest of resistance turned support on the gray rectangle and reaction at the 38% Fib. level of the last uptrend (also confirmed with volume profile)
As I'll explain in another Idea : each and every trend is a series of breakthrough and retests of the latest volume nodes at said price.
As long as there are volume nodes to retest the trend can still continue but as soon as all the volume has been consumed the trend will finish. Maybe temporarily but yeah.
Here's EURUSD on the 1H chart
As you can see the last two volume nodes to retest were at 1.10775 and 1.10845 (I always mark them with a ray. Retests are the red circles) there were first a very precise entry short on the lower one and a second after the JOLTS news. This one wasn't as precise because momentum to the upside starts to pick up
So these two nodes were retested and still the price broke and closed above. That makes me believe the trend is now up.
As a target I would expect a new weekly high so 1.13 or more.
A few notes also : retest of resistance turned support on the gray rectangle and reaction at the 38% Fib. level of the last uptrend (also confirmed with volume profile)
Nota
Next step before more upside should be right here : 1.10942
Be careful because today is NFP day and NFP (especially this one) can really make the price explode in one way or the other
Nota
Well this one hit SL. NFP is highly volatile as y'all can see haha
I'll see for another entry but my bias stays bullish.
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