EUR/USD Longs from 1.07800 back up to 2hr supply or above.This week's bias for EU resembles GU's, but I wouldn't be surprised if EU rises slightly to clear the 2-hour refined supply before dropping to remove the trendline liquidity below. Nevertheless, I anticipate price to eliminate the trendline liquidity and fill the small imbalance just above the demand zone.
During this process, I expect price action to slow down after consuming a significant amount of liquidity, signalling a potential Wyckoff accumulation phase. It's worth noting the presence of an Asian low beneath the demand, which warrants caution. However, I want to emphasize that this is a counter-trend notion, and my overall sentiment for EU remains bearish.
Confluences for EU Buys are as follows:
- Price broke structure to the upside and left a clean 10hr demand zone.
- Still some imbalance that still hasn't been filled as well above my demand POI.
- Market also broke major structure to the upside could indicate a bullish trend.
- there's some liquidity above the recent high that needs to be taken as well.
- Triple touch trendline liquidity that needs to be swept.
- for price to go down it must mitigate a supply higher up like that 12hr.
P.S. Ideally, I'm looking for another rally to trigger price action to clear out the significant pool of liquidity located just below the 12-hour demand zone at the top of the chart. However, I anticipate price to establish a new supply once it descends to take out the trendline. This would allow me to wait for a mid-week pullback to sell down towards the demand.
Have a great trading week and lets catch these PIPS!
