EUR/USD imminent Longs up towards 1.07000

14 abr

This week's bias closely resembles that of GU, where I'm seeking buying opportunities towards a subsequent selling position. With price melting down and breaking structure to the downside, it has created numerous imbalances that need filling, prompting this bullish outlook.

I'll be patient, waiting for the accumulation phase to complete along with a confirmation of change of character (CHOCH) to enter buy positions aiming for the newly established 10-hour supply zone. Subsequently, I'll look to initiate sells to continue the bearish trend downward.

Confluences for EU Buys are as follows:

- Price left so many imbalances above that need to be filled.

- In order for price to continue the bearish trend price must pull back up.

- Price is currently inside a 18-hour demand zone with a good initial reaction.

- DXY is also near a good supply zone so could expect the dollar to drop a bit this week.

P.S. Given the Asian low within my zone, I wouldn't be surprised if price dips further to test a deeper demand area below. Nonetheless, these long positions are merely a temporary move to realign with the prevailing bearish trend.

Have a great trading week guys!