According to our analysis published on 9th August, we stated neutral sentiments on Euro versus U.S dollar along with some technical factors which indicated an expected bullish momentum taking place from the high supply and demand zone i.e 1.1700-1.16800. The new low made in daily as a strong support at1.1760 was broken this week making a lower low but not breaking our weekly major price action support i.e 1.17000.  Hopefully the market took a sharp bullish reversal from our 61.8% fibb retracement level in weekly from the same supply and demand zone - we emphasized on in terms of high liquidity. We provided a detailed explaination in our previous analysis in accordance to advanced technical indications/ system we that from certain strategies such as bookmap, using heat wave mapping and ice berg strategies we got to find out that the commitment of traders data was showing signs of bullish entries by the retail traders - maybe out of fear or watching dollars weakness in the market. We talked about high supply but low in demand regards to the aforementioned zone which ultimately decreased the factors of favors to bulls in order to lift up euro versus U.S dollar.

BULLISH AND BEARISH POSSIBILITIES/ CONDITIONS :

In four hourly chart we can see that the pair is in a bullish correction and same is the case in daily. The difference is that in four hourly chart EURUSD has taken the form of a correct bullish corrective structure after a 5 wave bearish wave, while in daily we have more of an irregular bullish correction with wave 'c' in process. From current market perspective, we are expecting the market to be bullish from this level towards 1.1850 with our daily exponential moving average 50 on top, this zone can become a psychological excuse for the market to continue its dovish trend towards 1.1620-1.15000 if EURUSD was able to break 1.17000 this time incase it took a bearish reversal from the EMA50 and 200 in daily. Unless the aforementioned high supply and demand zone isnt breached, we will stay bullish on the pair until 1.18500 and further if our upper trend line is broken. 

EURUSD WITH A LIMITED UPSIDE MOMENTUM

Aug 14 2021