My analysis for EUR/USD (EU) this week closely mirrors my expectations for GBP/USD (GU), as both pairs share similar points of interest (POIs). I’ll be focusing on capitalizing on the bearish trend evident in the formation of lower lows and lower highs.
With the recent break of structure to the downside, new supply zones have been created. I’ll be waiting for a retest of these zones to catch sell opportunities in alignment with the overall trend. Once the price sweeps liquidity and forms a clear schematic, I’ll enter sell trades targeting the demand zone below.
Confluences for EU Sells:
- The price has shown a Change of Character (CHOCH) and multiple Breaks of Structure (BOS) to the downside.
- A few unmitigated supply zones remain, which are likely to be tapped.
- Lots of liquidity below, alongside imbalances that need to be filled.
- The Dollar Index (DXY) is bullish, strengthening the bearish case for EU through correlation.
Note: If the price continues dropping, I’ll wait for a new supply zone to form or look for counter-trend buy opportunities from a valid demand zone.
With the recent break of structure to the downside, new supply zones have been created. I’ll be waiting for a retest of these zones to catch sell opportunities in alignment with the overall trend. Once the price sweeps liquidity and forms a clear schematic, I’ll enter sell trades targeting the demand zone below.
Confluences for EU Sells:
- The price has shown a Change of Character (CHOCH) and multiple Breaks of Structure (BOS) to the downside.
- A few unmitigated supply zones remain, which are likely to be tapped.
- Lots of liquidity below, alongside imbalances that need to be filled.
- The Dollar Index (DXY) is bullish, strengthening the bearish case for EU through correlation.
Note: If the price continues dropping, I’ll wait for a new supply zone to form or look for counter-trend buy opportunities from a valid demand zone.
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