My forecast for this week aligns with my plan for GU as anticipated, with some minor adjustments. The concepts remain consistent, but the positioning is extended due to the trend line liquidity near the current price. I expect this liquidity and the Asian low to be taken out, leading price down towards the 5hr demand zone.
Upon the formation of a Wyckoff accumulation pattern, I plan to initiate buy positions, targeting a move back up towards the 10hr supply zone located at the psychological level of 1.11000. This pair is currently favourable for me, exhibiting ideal price structure and aligning with a pro-trend perspective.
Confluences for EURUSD Buys are as follows:
- Unmitigated 5hr Demand zone has been left which caused a major BOS to the upside.
- Temporary trend is also bullish as price has broken structure once again.
- DXY is still looking bearish meaning that EURUSD is expected to rise.
- Trend line on top of demand is a good sign as price will sweep liquidity before entering.
- In order for price to continue in its bullish course, it must ideally react off a demand level.
P.S. While I anticipate an initial drop to mitigate the demand, I acknowledge the possibility of remaining upside. This could lead price to react off the 10hr supply, subsequently eliminating the trendline liquidity below.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!
Upon the formation of a Wyckoff accumulation pattern, I plan to initiate buy positions, targeting a move back up towards the 10hr supply zone located at the psychological level of 1.11000. This pair is currently favourable for me, exhibiting ideal price structure and aligning with a pro-trend perspective.
Confluences for EURUSD Buys are as follows:
- Unmitigated 5hr Demand zone has been left which caused a major BOS to the upside.
- Temporary trend is also bullish as price has broken structure once again.
- DXY is still looking bearish meaning that EURUSD is expected to rise.
- Trend line on top of demand is a good sign as price will sweep liquidity before entering.
- In order for price to continue in its bullish course, it must ideally react off a demand level.
P.S. While I anticipate an initial drop to mitigate the demand, I acknowledge the possibility of remaining upside. This could lead price to react off the 10hr supply, subsequently eliminating the trendline liquidity below.
HAPPY NEW YEARS TO ALL OF YOU AND HOPE THIS YEAR BRING EVERYONE PROFITABILITY AND CONSISTENCY. LETS CATCH THESE PIPS!