EURUSD shares a similar bias with GU, but the price exhibits more imbalances and liquidity at greater distances. While there is a 50-minute demand zone near the current price, I anticipate only a minor reaction from it. My primary buying opportunities are within the 10-hour demand zone, which offers a more discounted price.
Alternatively, there's a possibility that price continues its upward movement, reaching the 10-hour supply zone above. This represents a promising Point of Interest (POI) for me, where I expect price to undergo distribution before a potential sell-off. However, at the moment, I'm patiently waiting for price to accumulate within either of my demand zones to capture buying opportunities along this temporary bullish trajectory.
Confluences for EURUSD buys are as follows:
- Bullish pressure weakens, evident in a CHOCH and confirmed by a BOS
- A 11hr demand zone below triggered a break of structure to the upside.
- The market trend is bullish, aligning with this idea.
- Imbalance above the demand signals favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- Lots of imbalances lying below that need filling before price continues to ascend.
P.S. Although my long-term outlook for this market remains bearish, I will be actively seeking buying opportunities for EURUSD as the dollar continues to exhibit a bearish trend.
Alternatively, there's a possibility that price continues its upward movement, reaching the 10-hour supply zone above. This represents a promising Point of Interest (POI) for me, where I expect price to undergo distribution before a potential sell-off. However, at the moment, I'm patiently waiting for price to accumulate within either of my demand zones to capture buying opportunities along this temporary bullish trajectory.
Confluences for EURUSD buys are as follows:
- Bullish pressure weakens, evident in a CHOCH and confirmed by a BOS
- A 11hr demand zone below triggered a break of structure to the upside.
- The market trend is bullish, aligning with this idea.
- Imbalance above the demand signals favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- Lots of imbalances lying below that need filling before price continues to ascend.
P.S. Although my long-term outlook for this market remains bearish, I will be actively seeking buying opportunities for EURUSD as the dollar continues to exhibit a bearish trend.