EURO futures (6e, September)
Daily TPO - CPI this afternoon at 1.30pm (GMT) therefore we may not see any sustained moves until this data has cleared. However, ahead of London open we are filling the initial balance in line with the previous day single print giving a level of resistance into the open. Absorption around this level will confirm this bias for a short term sell off.
AM TPO - With that being said we are holding in and around the 2day VAH, however have opened outside the previous day (as per AMT we should see price discovery higher). If we can hold the current level on the AM TPO my bearish bias in to the open will remain, however, a break above opens the gates for bulls this morning.
15 min candlestick chart for EURUSD - currently trading on the extreme of our TPO level we need this resistance to hold upon the open. Strong 4hour momentum raises the risk of this breaking. High risk play considering we can expect choppy price action ahead of CPI.
GBP Futures (6B, Sep)
Daily TPO - Having opened outside of value, any retest is nothing more than an opportunity to sell as per AMT. Previous day POC aligns with AM levels below therefor we will be looking to short rallies upon the open.
AM TPO - As per AMT we can expect price discovery lower this morning. Ideally we will pullback a little deeper towards previous day value given a better risk reward scenario for short positions. AM naked Poc could be used for profit taking given a sell off. Don't expect large moves ahead of CPI.
15min candlestick chart GBPUSD - potential setup into this London open, would like to see it confirmed with order flow and a delta flip.
Trade Safe.
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