EUR/USD – Falling Towards Lows
EUR/USD has dropped further towards the lows today with a small retracement taking place shortly before the drop.
We can see the retracement began when the market opened last night and ended when the London trading session began this morning. I was hoping for the market to move up into the supply zone that formed last week but the retracement ended before it could be reached. Despite this the supply zone is still the nearest level we have to look for entries short, the drop today which caused the retracement to end could also be considered to be a supply zone but for me I would want to see a bigger drop take place before counting it as a supply zone so for now the focus is still on the upper supply zone.
USD/JPY – Profit Taking Entering The Market ?
USD/JPY has fallen from the new high it made last Friday and is now getting close to the low made by the NFP being released.
I think this fall is far more likely to be from the bank traders taking profits off their buy trades than it is them placing sell trades to make the market reverse. This may all change depending on what pr