The bias for the EUR/USD this week remains bullish, given the recent downward break in the DXY (Dollar) structure. Currently, the price has responded to a supply zone, leading to a partial retracement. My anticipation is for the price to continue its descent towards a demand level, creating an opportunity for me to consider buys within the ongoing bullish trend.
The demand zones identified on the 10-hour and 2-hour charts triggered an impulsive upward movement, leaving an imbalance. Recognising this pattern suggests that the price is likely to revisit these levels and react in a bullish manner.
Confluences for EURUSD Buys are as follows:
- DXY (dollar) continues to break structure to the downside indicating that EU will rise.
- Lots of liquidity to the upside that hasn't been taken in the form of asian highs and trend lines.
- Demand zones haven been left on the 10hr and 2hr below the levels of imbalances.
- The price also responded to a near by 23-hour supply zone last week, and this event could serve as the catalyst for a retracement, paving the way for a new upward movement.
P.S. Additionally, I acknowledge the possibility of the price ascending and reaching the Asian high, which is in close proximity to the current price. Should this occur, my expectation is for the price to respond to the refined supply on the 50-minute chart above it, or potentially rise further to establish a more favourable sell opportunity.
I would also love to hear you guys thoughts on this pair so be sure to leave a comment!
The demand zones identified on the 10-hour and 2-hour charts triggered an impulsive upward movement, leaving an imbalance. Recognising this pattern suggests that the price is likely to revisit these levels and react in a bullish manner.
Confluences for EURUSD Buys are as follows:
- DXY (dollar) continues to break structure to the downside indicating that EU will rise.
- Lots of liquidity to the upside that hasn't been taken in the form of asian highs and trend lines.
- Demand zones haven been left on the 10hr and 2hr below the levels of imbalances.
- The price also responded to a near by 23-hour supply zone last week, and this event could serve as the catalyst for a retracement, paving the way for a new upward movement.
P.S. Additionally, I acknowledge the possibility of the price ascending and reaching the Asian high, which is in close proximity to the current price. Should this occur, my expectation is for the price to respond to the refined supply on the 50-minute chart above it, or potentially rise further to establish a more favourable sell opportunity.
I would also love to hear you guys thoughts on this pair so be sure to leave a comment!
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.
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.