EURUSD remains in a firm downtrend however we have caught a nice bounce to start the week as per our morning hypo.
This gives us a high probability of continuation as long as we remain below the 1HR swing highs marked by green zones. If were to break through this area we could see this market trade higher for a deeper pullback, albeit still in a downtrend.
We are trading at the Daily single print high mentioned in this mornings hypo, which is ultimately the last stop if these levels were to hold and the trend were to continue.
The green zone on the daily profile represents a single print, VAH and poor high all on the daily profile (strong level). Therefore if the market stalls here and we can see sell side delta and order flow picking up, we expect the trend to continue down towards 1.0500 for the rest of the week.
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