FX.co ★ berta.hill | EUR/USD

Greetings, colleagues. I looked at the online D1 chart for EUR/USD. My forecast from yesterday for a dump is playing out precisely. The bears easily pushed through the 1.1383 level. The pair is now trading around 1.1424. Horizontal support is left behind. We’ve consolidated below it. The drop is only gaining momentum. Market profile fully confirms this view. A heavy volume shelf is hanging overhead. The 1.1640–1.1780 resistance range is under the bears’ control. They definitely won’t let the price go higher. Sellers are fiercely defending the highs. Below the 1.1383 level on the weekly chart there is a clean void. Volumes are thin there. EUR/USD is falling down without resistance. It’s a free ride. What didn’t play out: I expected a local spike up before the drop. But the market fell immediately. No correction was given. My main target is now much lower. I’ll be catching the price at the strong volume shelf around 1.1234. That’s where the profile POC lies. The plan remains the same. Locally I stay in shorts. Priority is on selling. I’m hiding my stop behind the local spike. I’ll only start thinking about longs if we test the 1.1234 zone. I need to see a buyer’s reaction there.