EURUSD Shorts from 1.09400 down towards 1.08000
EU is currently exhibiting a similar pattern to other pairs, and my current stance for this currency pair is bearish. I'm patiently waiting for the 12hr supply zone to be mitigated, considering it as the nearest opportunity of interest for me. This aligns with the overall higher time frame trend, which is bearish.
Upon the mitigation of this zone, my plan involves waiting for a Wyckoff distribution to unfold within the specified area. Ideally, I will be looking for the Asian high within the zone to be swept. Following this occurrence, I will then be looking for selling opportunities back down to address the imbalances left below.
Confluences for EU sells are as follows:
- 12hr Supply zone caused a BOS to the downside on the higher time frame
- Imbalances and liquidity below that needs to get taken as well as a demand zone that needs mitigating.
- Overall trend of the market is bearish on the higher time frame.
- We are currently witnessing a pullback and I'm looking for my POI to continue this trend.
P.S. While I maintain a bearish outlook, I acknowledge the presence of equal highs above my zone, which could potentially lead to a break beyond my supply. In such a scenario, I recognize that price might aim for higher levels to enter a more premium area.
HAVE A GREAT TRADING WEEK AHEAD!
Upon the mitigation of this zone, my plan involves waiting for a Wyckoff distribution to unfold within the specified area. Ideally, I will be looking for the Asian high within the zone to be swept. Following this occurrence, I will then be looking for selling opportunities back down to address the imbalances left below.
Confluences for EU sells are as follows:
- 12hr Supply zone caused a BOS to the downside on the higher time frame
- Imbalances and liquidity below that needs to get taken as well as a demand zone that needs mitigating.
- Overall trend of the market is bearish on the higher time frame.
- We are currently witnessing a pullback and I'm looking for my POI to continue this trend.
P.S. While I maintain a bearish outlook, I acknowledge the presence of equal highs above my zone, which could potentially lead to a break beyond my supply. In such a scenario, I recognize that price might aim for higher levels to enter a more premium area.
HAVE A GREAT TRADING WEEK AHEAD!