My analysis for EUR/USD aligns with my outlook on other major pairs against the dollar, focusing on sell opportunities. The continued break of structure to the downside has left a promising 14-hour supply zone that looks ideal for short positions.
Within this zone, we might see a deeper mitigation of around 50%, making it easier to identify the UTAD (upthrust after distribution). Once the price forms a Wyckoff distribution on the lower time frame, I will look for a precise entry point.
Confluences for EU Shorts are as follows:
- Price currently formulating lower lows and lower highs.
- Supply zone on the 14hr that has caused a break of structure to the downside.
- Lots of liquidity to the downside in the form trend line and Asia lows.
- DXY (DOLLAR) is also bullish on the higher time so overall this is a PRO trend trade idea.
P.S. If the price continues to break down, I will be looking out for new supply zones until the price approaches the 23-hour demand zone, where short-term buys may become viable.
Remember NFP Friday this week so stay vigilant!
Within this zone, we might see a deeper mitigation of around 50%, making it easier to identify the UTAD (upthrust after distribution). Once the price forms a Wyckoff distribution on the lower time frame, I will look for a precise entry point.
Confluences for EU Shorts are as follows:
- Price currently formulating lower lows and lower highs.
- Supply zone on the 14hr that has caused a break of structure to the downside.
- Lots of liquidity to the downside in the form trend line and Asia lows.
- DXY (DOLLAR) is also bullish on the higher time so overall this is a PRO trend trade idea.
P.S. If the price continues to break down, I will be looking out for new supply zones until the price approaches the 23-hour demand zone, where short-term buys may become viable.
Remember NFP Friday this week so stay vigilant!
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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.
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.