EURUSD 13/10/24

13 oct

Starting off the week with the US dollar, we saw a significant sell-off last week, which eventually led to consolidation as the week progressed. Price action currently suggests a potential move higher before any long-term downward trend continues. As mentioned in previous weeks' analyses, there is now a buyer's market emerging.

We expect the current price action to persist. While pullbacks are not guaranteed, a broader move towards lower prices in the long term is anticipated. However, short-term reaccumulation is also likely, meaning a push higher is just as probable as a continued sell-off at this stage. We are not expecting a substantial pullback, but the long-term outlook remains bearish.

Key areas of interest include a significant supply zone and a liquidity high. If the price moves up to this level, a strong sell-off could occur. Nevertheless, the overall expectation is for the price to decline further before reaching these points.

Stick to your risk and follow your plan!