EU on the HTF is in a strong downtrend, price has recently bounced from the strong psychological level of 1.0400 and formed equal lows from a daily perspective, below these equal lows is liquidity i would like to see removed before we can move higher. Dropping down to the 4H TF since the recent bearish impulsive wave to the downside price has now provided us with a new corrective wave - this retracement move is currently testing the 0.618 fib in the form of a rising wedge, we can identify the range is tightening and we expect a breakout soon. For entry confirmations i would like to see a sweep of the current intraday highs and push above the top ascending trendline of the wedge to stop hunt early shorts, and come into our area of confluence with the 0.786 fib and psychological level of 1.06500, inside of this identified zone we will drop down to the lower timeframes and look for one of our valid entry confirmations to capitalise on the next impulsive wave down.
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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.