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The EUR/USD left off a footprint of an ugly pattern indeed on Friday 20th September 2024. The liquidity providers influence the price in this way making you unable to understand what's happening in the market.
Therefore, for you to understand what is happening in the market, you have to learn how to trade along with them. Get ahead of the trading game by subscribing to this blog for exclusive updates and trade in line with liquidity providers.
Let's talk about the previous week price actions on EUR/USD, the volume, the indicators behavior, and my directional bias for the coming week.
Let's dig right in!
Last Week EUR/USD Price Action Data
You will remember on Monday 16th September 2024 the EUR/USD hit the initial low of the week at 1.10846 while in level 1. The price then moved to level 2 on Tuesday and, was held for 2 days.
On Thursday 19th September the EUR/USD hit the extended low of the week at 1.10686 then, pulled away to level 3, and became choppy on Friday.
Trend Identified On EUR/USD
After the price hit major support at 1.10067 on Thursday 12th September 2024. It made a strong reversal, creating a new uptrend.
Indicators' To The Relation With The Price
The EUR/USD price bounced off the 800 EMA, breaking 5,13, 50, and 200 Exponential Moving Averages due to the momentum of the price.
Up till Friday 20th September, the price has been in the uptrend. So the position of the Exponential Moving Averages which are above the price is a clear indication of an uptrend.
TDI Subgraph
We use the TDI for confirmation. It presented a "W" pattern as confirmation at the start of the uptrend. You can see the price line in the TDI-formed "W" pattern on Thursday 12th September 2024.
Levels Identified in the Market Makers Cycle
The EUR/USD continued from where it stopped which was on Friday 13th September 2024 in Level 1. It continued on Monday 16th September 2024 into Level 2 and was held for 2 days before moving to Level 3 on Friday 20th September 2024.
The Volume of the EUR/USD Pair Traded in the Past 5 Days
According to the TradingView report, shows that the EUR/USD pair was traded at 0.76% higher than the previous 5 days. The overall volume traded in the past week was approximately 250.6k. At the time of this report.
On Friday, September 20th, 2024, the EUR/USD pair experienced a low number of participants compared to the results on Thursday, September 19th, 2024.
The range of prices on Thursday was 109 pips Average Daily Range (ADR), whereas on Friday, it was 44 pips Average Daily Range (ADR).
This indicates a weakening trend.
Week Ahead on EUR/USD Price Movement
The EUR/USD pair reached a milestone on Monday, September 23rd, 2024. When the news on German Manufacturing PMI was released at 8:30 am, the actual value was lower than the forecast.
As a result, the EURO weakened, leading to a significant price drop.
However, based on my technical analysis, I anticipate a long position due to a potential peak reset.
Therefore, the EURO is expected to strengthen after some time.
Indicators on the Main Chart
Now that EUR/USD price has reached the 200 Exponential Moving Average (EMA) there is a possible peak reset based on this signal. Another confirmation is that the price hit major support at 1.10923.
TDI Subgraph
The price line has reached an extremely oversold level of the TDI, showing a shark fin which is a confirmation of the peak reset.
Conclusion
We've talked about the previous week's price actions on the EUR/USD pair, the volume traded on the currency pair, Indicators positions in line with the price, and my directional bias on the EUR/USD pair.
Now it's your turn. Do you have any questions or contributions, use the comment box below. Please do not forget to share the post.
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