EUR/USD bespoke levels line up with supply and demand zones
We have an interesting pattern forming on the EUR/USD intraday chart. Our resistance and support levels line up perfectly with supply and demand zones.
The first upside barrier is located at 1.0860. This is a supply zone in three different timeframes. We look for a correction in the BC leg of the Butterfly from this barrier.
The subsequent support level is at 1.0798. This is a demand zone in three different timeframes. We look for a move higher in the CD leg of the Butterfly formation.
The subsequent resistance level is located at 1.0915. This is a supply zone in three different timeframes. We look for a move lower from this level after the completion of the Butterfly formation.
Conclusion: we looked for mixed and volatile price action until the completion of the bearish butterfly formation at 1.0915.
Resistance: 1.0860 (bespoke/AB), 1.0822 (swing high), 1.0915 (bespoke and cycle completion)
Support: 1.0798 (bespoke), 1.0771 (swing low), 1.0610 (medium- term support)
PoC (Point of Control) Open – 1.0785 (September 4)
The first upside barrier is located at 1.0860. This is a supply zone in three different timeframes. We look for a correction in the BC leg of the Butterfly from this barrier.
The subsequent support level is at 1.0798. This is a demand zone in three different timeframes. We look for a move higher in the CD leg of the Butterfly formation.
The subsequent resistance level is located at 1.0915. This is a supply zone in three different timeframes. We look for a move lower from this level after the completion of the Butterfly formation.
Conclusion: we looked for mixed and volatile price action until the completion of the bearish butterfly formation at 1.0915.
Resistance: 1.0860 (bespoke/AB), 1.0822 (swing high), 1.0915 (bespoke and cycle completion)
Support: 1.0798 (bespoke), 1.0771 (swing low), 1.0610 (medium- term support)
PoC (Point of Control) Open – 1.0785 (September 4)