EUR/USD Shorts from 1.08700 back down. Pro trend idea.
My bias on EUR/USD has shifted to bearish following the upward movement of the dollar (DXY). With EU breaking structure to the downside, confirming the bearish trend, I'm now exploring strategies to capitalise on this. Currently, I anticipate a pullback in price to fill the imbalances just below the 20-hour supply zone (A).
However, considering the distance from that supply zone, another scenario (B) may unfold. This involves price descending further to sweep the relative equal lows and reach my 19-hour demand zone. Subsequently, I foresee a bullish reaction prompting a reversal in price direction.
Confluences for EU Sells are as follows:
- Price left a clean 20-hour supply zone that caused a break of structure to the downside.
- The overall trend for this market is bearish.
- The dollar (DXY) is also moving bullish so it aligns perfectly.
- Imabalnces below the supply that needs to be addressed.
- Lots of liquidity left to the downside in the form of equal lows and Asia Lows.
P.S. With the dollar also breaking structure to the upside, it complements this bias effectively. However, I'm not exclusively committed to one direction; I also entertain the possibility of price declining further to signal a bullish trend. We'll have to observe how price unfolds.
Happy trading people!
However, considering the distance from that supply zone, another scenario (B) may unfold. This involves price descending further to sweep the relative equal lows and reach my 19-hour demand zone. Subsequently, I foresee a bullish reaction prompting a reversal in price direction.
Confluences for EU Sells are as follows:
- Price left a clean 20-hour supply zone that caused a break of structure to the downside.
- The overall trend for this market is bearish.
- The dollar (DXY) is also moving bullish so it aligns perfectly.
- Imabalnces below the supply that needs to be addressed.
- Lots of liquidity left to the downside in the form of equal lows and Asia Lows.
P.S. With the dollar also breaking structure to the upside, it complements this bias effectively. However, I'm not exclusively committed to one direction; I also entertain the possibility of price declining further to signal a bullish trend. We'll have to observe how price unfolds.
Happy trading people!