Currently, EURUSD has been in a prolonged range, gathering significant liquidity. Given the current state of equilibrium, I am not actively seeking trades at this moment. However, I anticipate a potential move to unfold, continuing the bullish trend. For now, I will be patiently waiting for a breakout before considering any trading opportunities.
There is another plausible scenario where price breaks above to mitigate the 10-hour supply zone, leading to a bearish reaction. This possibility is valid, considering the imbalances just below that need filling and liquidity that requires sweeping.
My confluences for EURUSD buys are as follows:
- A 10-hour demand zone below triggered a new CHOCH to the upside.
- The overall short-term trend is bullish, aligning with this idea.
- Imbalance above the demand signals a favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- I also expect the dollar to keep dropping indicating that EU will keep going up.
P.S. As price is still considerably distant from any nearby Points of Interest (POI), I am content to wait patiently and refrain from taking any immediate action until price triggers one of the levels I am monitoring.
Have a great trading week ahead!
There is another plausible scenario where price breaks above to mitigate the 10-hour supply zone, leading to a bearish reaction. This possibility is valid, considering the imbalances just below that need filling and liquidity that requires sweeping.
My confluences for EURUSD buys are as follows:
- A 10-hour demand zone below triggered a new CHOCH to the upside.
- The overall short-term trend is bullish, aligning with this idea.
- Imbalance above the demand signals a favourable reaction at my POI.
- Abundant liquidity above, including trend lines and untouched Asian highs.
- Price needs to dip to a significant demand level for an upward rally to persist.
- I also expect the dollar to keep dropping indicating that EU will keep going up.
P.S. As price is still considerably distant from any nearby Points of Interest (POI), I am content to wait patiently and refrain from taking any immediate action until price triggers one of the levels I am monitoring.
Have a great trading week ahead!