Dear Dear traders
here is another potential execution I wanted to share my analysis of the current market conditions on EUR/USD, highlighting potential long positions. Please note that this analysis is based on various factors, and it's crucial to exercise due diligence before making any trading decisions.
The current price action indicates that EUR/USD is trading between the High of the Previous Day (HOPD) and the Low of the Previous Day (LOPD). This range-bound movement suggests a consolidation phase, with potential opportunities arising at these key levels. Additionally, a trendline liquidity zone is being targeted by the price, adding another layer of significance to these levels.
Two possible scenarios may unfold. Firstly, there is the prospect of a Liquidity Grab, where the price could spike to trigger stop-loss orders and gather liquidity before reversing. Alternatively, the price might continue its downward movement. However, it's essential to consider the broader context – we are currently in an uptrend.
Correlating this analysis with GBP/USD, we observe that GBP/USD is deep in a weak supply. Monitoring both markets is valuable as they often exhibit correlated movements. The presence of a weak supply in GBP/USD could potentially influence EUR/USD's behavior.
Furthermore, there is evidence of a smart money trap, reinforcing the case for potential long positions. In an uptrend, identifying such traps can provide valuable insights for strategic entry points.
It's crucial to remain vigilant and adapt to changing market conditions. As always, risk management is key to successful trading. Please conduct your own analysis and consider these insights as part of your decision-making process.
Feel free to reach out if you have any questions or would like to discuss this analysis further.
But we will have to see where we stand during NYSE monday so it can be a buy ..We can also trigger out of the weak supply or just immediatly drop from here or reject this supply because this is a decisional supply on the D1 tf