This week's bias for this pair aligns with GU, and I'll be aiming to initiate long positions from the demand levels positioned just beneath the current price. Whether it's from the nearby 2-hour demand zone or the 10-hour demand zone situated below, my objective is to buy back up to a supply level or potentially target the equal highs positioned above.
Ideally, I'm hoping for price to form a Wyckoff accumulation within my designated demand zones and provide a strong confirmation signal. If this doesn't happen, I'll wait for that zone to be breached, anticipating the spring to occur within the more favorable 10-hour demand zone.
Confluences for EURUSD are as follows:
- Price has been temporarily bullish to the upside and the 10hr demand zone caused BOS.
- I will be anticipating a Wyckoff accumulation to start formulating within my demand region.
- A pullback has been initiated from the reaction of the 6-hour supply zone.
- Lots of liquidity to the upside in the form of Asian highs and equal highs.
- Dollar (DXY) is looking to be bearish so I'm expecting this to be bullish.
P.S. While I maintain a bullish stance on this pair, I wouldn't be caught off guard if the reaction from the 6-hour supply zone triggers further downward movement, potentially breaking the structure to the downside. In such a scenario, I'll be more inclined to explore selling opportunities.
LAST WEEK OF JANUARY LETS HAVE A GREAT TRADING WEEK!