Hello traders. This is my current view on EURUSD, I was looking for this pair to head to one of my 2 supply levels before London open, which failed. I'm still waiting to see if we can continue going up to test one of the 2 areas then that's when I will look for short positions. And remember that only after we see a clear rejection from these zones will we then look for short positions. One thing to take into consideration is that the market might still break through these supply zones as there is still liquidity above yesterday's Tokyo high.
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Okay. So we had the price go down to retest 1.0724, failing to break and close below. NY made a reversal to the upside as well as Tokyo. I am expecting the price to now continue its move to the downside, but keep in mind the failure to create a lower low is still as significant.
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Price is now at the second supply zone where I will now be entering positions at 1.0777 with stops around 1.0787. I will now wait and see if New York has the potential to bring this down.
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Though something like this would be a less risky entry by waiting for a strong rejection from the supply zone
Though something like this would be a less risky entry by waiting for a strong rejection from the supply zone
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I will be putting my stops to BE because I will not be in front of the charts during Tokyo.