EURUSD Sideways
Its been a moment since I posted here, so lets look at EURUSD.
Since EU broke past the 1$ level, we have seen a subtle correction in price, and have been moving sideways ever since.
We currently have some imbalance above our range and a POI above that.
Also the 1$ level itself, is quite a large liquidity pool, and my reason for saying this is as follows:
Below the 1$ level, there are POIs that date back roughly 20 years. Now I do not expect these POIs to hold any orders after that amount of time, however, these 20 year old zones can also be looked at as liquidity, as these could likely be zones that novice SMC traders could look to trade off, and SnR traders treating them as Resistance.
Another reason I feel the 1$ level is a Liquidity pool, is there's also Demand zones around this level that again, many SMC traders may look to trade from.
I personally feel EU has some room to push to or below the 1$ level to collect liquidity before correcting the bearish momentum we've seen for most of the year.
From a HTF perspective, right now EU isn't showing much in terms of a great setup, however, there are still intraday and scalp opportunities on the LTFs.
Until we break out of this range, I am treating EU with caution and giving more attention on AUDUSD and GBPUSD.
Let me know your thoughts on EU.
Since EU broke past the 1$ level, we have seen a subtle correction in price, and have been moving sideways ever since.
We currently have some imbalance above our range and a POI above that.
Also the 1$ level itself, is quite a large liquidity pool, and my reason for saying this is as follows:
Below the 1$ level, there are POIs that date back roughly 20 years. Now I do not expect these POIs to hold any orders after that amount of time, however, these 20 year old zones can also be looked at as liquidity, as these could likely be zones that novice SMC traders could look to trade off, and SnR traders treating them as Resistance.
Another reason I feel the 1$ level is a Liquidity pool, is there's also Demand zones around this level that again, many SMC traders may look to trade from.
I personally feel EU has some room to push to or below the 1$ level to collect liquidity before correcting the bearish momentum we've seen for most of the year.
From a HTF perspective, right now EU isn't showing much in terms of a great setup, however, there are still intraday and scalp opportunities on the LTFs.
Until we break out of this range, I am treating EU with caution and giving more attention on AUDUSD and GBPUSD.
Let me know your thoughts on EU.
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