EURUSD 25/11/24
Starting the week a little later than usual with a markup on EUR/USD. Following weeks and months of bearish price action, we continue to anticipate further downside movement. This outlook aligns with our daily bias, which indicates a bearish trend.
The market opened with a significant gap to the upside across most brokers, increasing the likelihood of the gap being closed. Additionally, there is an untapped supply area above the current price level. Two liquidity highs are situated above this area, suggesting a potential pullback to liquidate these levels. If this occurs, we will look for continued sell-side movement.
However, pullbacks are not guaranteed during trending conditions. If the price continues to expand downward without retracing, our first target will be the gap left open at the market's opening. Beyond that, we will focus on the major low marked at the base of the current move.
Please be mindful of key fundamental events this week, as they may cause a midweek shift in our bias. For now, our outlook remains bearish, and we are focused on identifying sell opportunities. Refer to the points on our charts for guidance on potential downside movement.
If the supply area and liquidity highs are reached but fail to trigger a bearish shift, it may signal a deeper pullback on higher timeframes.
Stick to your plan, manage your risk, and trade safely. Wishing you an amazing trading week!
The market opened with a significant gap to the upside across most brokers, increasing the likelihood of the gap being closed. Additionally, there is an untapped supply area above the current price level. Two liquidity highs are situated above this area, suggesting a potential pullback to liquidate these levels. If this occurs, we will look for continued sell-side movement.
However, pullbacks are not guaranteed during trending conditions. If the price continues to expand downward without retracing, our first target will be the gap left open at the market's opening. Beyond that, we will focus on the major low marked at the base of the current move.
Please be mindful of key fundamental events this week, as they may cause a midweek shift in our bias. For now, our outlook remains bearish, and we are focused on identifying sell opportunities. Refer to the points on our charts for guidance on potential downside movement.
If the supply area and liquidity highs are reached but fail to trigger a bearish shift, it may signal a deeper pullback on higher timeframes.
Stick to your plan, manage your risk, and trade safely. Wishing you an amazing trading week!
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Learn the Orion Trading System on our YouTube!
🚀 Store: tinyurl.com/PSS-store
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Learn the Orion Trading System on our YouTube!
🚀 Store: tinyurl.com/PSS-store
🤝 Discord: discord.gg/pip-surfing-society-809908301923745813
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