EURUSD has seen a significant drop after the rally that occurred during the Greek elections.
This formed a bigger picture demand zone for the EURO.
The intermediate supply zone highlighted has a lot of PA in the area, so it may only hold through one retracement back to the level.
The next time price gets to the bigger picture demand zone, it will be the first pullback which may form a new intermediate demand zone within. I do not suggest trading the first pullback until a base forms and prices head out again. But that's just me.
The initial rally may be limited to intermediate supply zone above. Reversals usually have hiccups at the start.
Price may then drop back into the zone to test new zone. This may see a rally to the supply zone highlighted @ ~1.13584.
This formed a bigger picture demand zone for the EURO.
The intermediate supply zone highlighted has a lot of PA in the area, so it may only hold through one retracement back to the level.
The next time price gets to the bigger picture demand zone, it will be the first pullback which may form a new intermediate demand zone within. I do not suggest trading the first pullback until a base forms and prices head out again. But that's just me.
The initial rally may be limited to intermediate supply zone above. Reversals usually have hiccups at the start.
Price may then drop back into the zone to test new zone. This may see a rally to the supply zone highlighted @ ~1.13584.