EUR/USD Shorts from 1.09200 back down
This week’s analysis for EUR/USD is somewhat different from GBP/USD. I expect price to continue dropping from one of the two supply zones I’ve identified. I’ll be watching for a potential Wyckoff distribution pattern to form at these zones. Once I see signs of distribution, I’ll look to enter short positions, targeting the liquidity pool below.
If, during the week’s election events, price drops to fill the gap left at Sunday’s open, I see potential for buys from the 1-hour demand zone. I’ll wait for signs of price slowing down and accumulating to identify good entry points for long trades.
Confluences for EUR/USD Sells:
- Price is approaching a premium supply area.
- Significant liquidity lies below, including untouched Asian session lows.
- The higher timeframe trend remains bearish.
- The DXY still shows strong bullish pressure.
P.S. Although there’s been a recent shift in character to the upside, I still view EUR/USD as bearish on the higher timeframe, especially with the dollar’s ongoing bullish momentum. I’ll observe price behavior within my points of interest to determine the best entries.
If, during the week’s election events, price drops to fill the gap left at Sunday’s open, I see potential for buys from the 1-hour demand zone. I’ll wait for signs of price slowing down and accumulating to identify good entry points for long trades.
Confluences for EUR/USD Sells:
- Price is approaching a premium supply area.
- Significant liquidity lies below, including untouched Asian session lows.
- The higher timeframe trend remains bearish.
- The DXY still shows strong bullish pressure.
P.S. Although there’s been a recent shift in character to the upside, I still view EUR/USD as bearish on the higher timeframe, especially with the dollar’s ongoing bullish momentum. I’ll observe price behavior within my points of interest to determine the best entries.
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