Forex FOREX PRO WEEKLY, January 03 - 07, 2022

Sive Morten

Special Consultant to the FPA
Messages
16,092
Morning everybody,

So, on daily chart we have situation of full uncertainty - two grabbers in both directions, and both stand valid. Personally, I'm tending to idea of downside action, just because EUR had bullish chance few days ago but failed to bounce from support area. It makes me think that downside continuation is more probable right now:
eur_d_07_01_22.png


On 4H chart price stands in tight consolidation and another grabber might be formed within few hours.
eur_4h_07_01_22.png


Based on 1H behavior, it seems that we could get downside butterfly as well, as its target agrees with the OP .
eur_1h_07_01_22.png


So, it would be better to do nothing until NFP release. Still, I wouldn't say that it is impossible to trade at all. As one of the possible solutions - you could consider to use double Stop entry orders. One is Stop" Buy" above the top based on upside grabber and another one is Stop "Sell" below the recent lows. If market goes nowhere - orders will not be filled. Sometimes this tool might be useful. But this is only if you want to pass through NFP release...
 
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