My analysis for EUR/USD (EU) this week aligns with my view on other pairs, as the Dollar continues to strengthen. The bearish trend remains strong, and I plan to stay aligned with this pro-trend movement.
The price has broken structure to the downside and left a clean 6-hour supply zone that is yet to be mitigated. Once the price retraces to this supply zone, I’ll be looking for potential sell opportunities. I’ll wait for a redistribution pattern to confirm my entry before taking shorts. If the price continues to drop without retracing, I’ll monitor for a closer supply zone to form and adjust my setup accordingly.
Confluences for EU Sells:
- The price remains strongly bearish on higher time frames.
- The DXY is bullish, supporting the bearish trend for EU.
- A clean supply zone caused a Break of Structure (BOS) to the downside.
- The market is consistently forming lower lows and lower highs.
- A significant imbalance below still needs to be filled.
Note: If the price reaches the 7-hour demand zone below or the imbalance, I anticipate a potential bullish reaction, possibly leading to a retracement.
The price has broken structure to the downside and left a clean 6-hour supply zone that is yet to be mitigated. Once the price retraces to this supply zone, I’ll be looking for potential sell opportunities. I’ll wait for a redistribution pattern to confirm my entry before taking shorts. If the price continues to drop without retracing, I’ll monitor for a closer supply zone to form and adjust my setup accordingly.
Confluences for EU Sells:
- The price remains strongly bearish on higher time frames.
- The DXY is bullish, supporting the bearish trend for EU.
- A clean supply zone caused a Break of Structure (BOS) to the downside.
- The market is consistently forming lower lows and lower highs.
- A significant imbalance below still needs to be filled.
Note: If the price reaches the 7-hour demand zone below or the imbalance, I anticipate a potential bullish reaction, possibly leading to a retracement.
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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.