Ellison EUR/USD Morning analysis 05/07
Yesterday was the fourth of July and a US bank holiday, which explains the abysmal volume during the New York session. Hopefully, we get some more convincing price movement in the second half of the week.
My sentiment is the same as yesterday, staying out of this range we are in on the 1 hour timeframe and waiting for a break above before taking buy entries.
I honestly advise staying out until this pair gives us some indication of what direction it wants to go in. On the higher timeframe, the price is still holding bullish so that's all I'll be looking for.
If you're looking for more risky buys at this range low, you could look for a change in structure to signify the start of the upwards trend. See like below:
My sentiment is the same as yesterday, staying out of this range we are in on the 1 hour timeframe and waiting for a break above before taking buy entries.
I honestly advise staying out until this pair gives us some indication of what direction it wants to go in. On the higher timeframe, the price is still holding bullish so that's all I'll be looking for.
If you're looking for more risky buys at this range low, you could look for a change in structure to signify the start of the upwards trend. See like below: