My EU long idea is based on the strong bullish pressure seen after price filled last week’s gap. I’ll be looking for buying opportunities once price mitigates my 11-hour demand zone near the bottom. However, I’ll remain cautious since this area has already been mitigated in last week’s forecast.
If price pushes higher instead, I expect it to mitigate the 6-hour supply zone, which originated from a Break of Structure (BOS) and was reinforced by a Change of Character (CHOCH). From there, potential short opportunities could arise around 1.03800 for a move back down.
Confluences for EU Buys:
- EU has been very bullish, making this a pro-trend setup.
- The market structure remains strong, forming higher highs and higher lows.
- There is significant liquidity to the upside along with well-defined supply zones.
- The clean 11-hour demand zone previously caused an impulsive move, making it a strong area of interest.
Note: If price breaks below the 11-hour demand zone, I expect EU to turn bearish for a short period. Have a great trading week!
If price pushes higher instead, I expect it to mitigate the 6-hour supply zone, which originated from a Break of Structure (BOS) and was reinforced by a Change of Character (CHOCH). From there, potential short opportunities could arise around 1.03800 for a move back down.
Confluences for EU Buys:
- EU has been very bullish, making this a pro-trend setup.
- The market structure remains strong, forming higher highs and higher lows.
- There is significant liquidity to the upside along with well-defined supply zones.
- The clean 11-hour demand zone previously caused an impulsive move, making it a strong area of interest.
Note: If price breaks below the 11-hour demand zone, I expect EU to turn bearish for a short period. Have a great trading week!
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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.