EURUSD 16/6/24
To start the week off, we are looking at another bearish shift in the EU, similar to what we observed last week.
As we have mentioned before, we aren't expecting price to move perfectly or hit every point on our chart. Instead, we are looking for our ideas to somewhat align with one of our bias scenarios.
For this week, we anticipate price to move back to the area of supply that caused the last breakdown, highlighted in our first red box above the current price position. A less likely, but still possible, scenario is for the price to immediately turn bearish from its current position.
Our preferred move is for the price to move through the area of supply that caused the previous breakdown and push to the extreme swing POI that we have marked at the upper end of our range. This is our ideal area to sell from. Of course, we will look for buying opportunities during the pullback, and we may consider selling from the order block below if it elicits any major reaction.
Track price and trade your rules!
As we have mentioned before, we aren't expecting price to move perfectly or hit every point on our chart. Instead, we are looking for our ideas to somewhat align with one of our bias scenarios.
For this week, we anticipate price to move back to the area of supply that caused the last breakdown, highlighted in our first red box above the current price position. A less likely, but still possible, scenario is for the price to immediately turn bearish from its current position.
Our preferred move is for the price to move through the area of supply that caused the previous breakdown and push to the extreme swing POI that we have marked at the upper end of our range. This is our ideal area to sell from. Of course, we will look for buying opportunities during the pullback, and we may consider selling from the order block below if it elicits any major reaction.
Track price and trade your rules!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.