Falling Wedge Sees Bullish Order Block! - EU
Here I have EUR/USD on the 4Hr Chart!
EU Bears have been pulling price down forming what seems to be a Falling Wedge since the end of August but could the Double Bottom made by the Sell-Side Liquidity and New Swing Low be a sign that Price is loading up to make its Bullish Break?!
Now we see Price after being rejected from the Falling Resistance, descending to the Break of Structure @ 1.10548 and the Order Block responsible for sweeping Sell-Side Liquidity @ 1.10437 being the Entry Range for when Price comes down and Successfully tests the Order Block!
*This rejection also creates a Higher High or disruption in the Downtrend suggesting power transfer from Bears to Bulls.
Now another big tell is the Bullish Divergence between the RSI and Lows of Price testing the Falling Support!
Also the presence of Bears in the BBTrend seems to be dwindling with each Low created where you see the collection of Red Bars shrinking!
Fundamentally, USD has Retail Sales on Tuesday (Sept. 17th) and Federal Funds Rate / FOMC Meeting on Wednesday (Sept. 18th) with expectations for Rates to start being cut!
EU Bears have been pulling price down forming what seems to be a Falling Wedge since the end of August but could the Double Bottom made by the Sell-Side Liquidity and New Swing Low be a sign that Price is loading up to make its Bullish Break?!
Now we see Price after being rejected from the Falling Resistance, descending to the Break of Structure @ 1.10548 and the Order Block responsible for sweeping Sell-Side Liquidity @ 1.10437 being the Entry Range for when Price comes down and Successfully tests the Order Block!
*This rejection also creates a Higher High or disruption in the Downtrend suggesting power transfer from Bears to Bulls.
Now another big tell is the Bullish Divergence between the RSI and Lows of Price testing the Falling Support!
Also the presence of Bears in the BBTrend seems to be dwindling with each Low created where you see the collection of Red Bars shrinking!
Fundamentally, USD has Retail Sales on Tuesday (Sept. 17th) and Federal Funds Rate / FOMC Meeting on Wednesday (Sept. 18th) with expectations for Rates to start being cut!
Note
If we take the Fib Retracement Tool from the Lower Low @ 1.10019 to the New Higher High @ 1.11019 we see that the Bullish Order Block happens to be sitting right in the middle of the 50% - 66.7% Fib Entry Zone @ ( 1.10519 - 1.10352 )
-Optimal Buy Entry is at the 55.9% - 61.8% Golden Ratio Zone @ ( 1.10460 - 1.10401 )
Note
Here we can see the
DXY opened this week with quite a Gap from Friday's Close but with Friday's Price Action finding itself Breaking the Falling Resistance and now possibly using it as Support, we may see DXY move up to Fill this Gap and the Small Gap in the 101.2 area where I would then like to see a Reversal Pattern appear in the overhead Resistance Zone confirming DXY to go down further!Note
DXY makes a successful Retest of the Break of Falling Resistance in the Support Zone!Note
Looking for price to come down and Retest the Break of Falling Resistance for some Buy opportunites!
Novi_FIbonacci
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