My bias aligns closely with GU this week, focusing on selling from a comparable supply level evident on both charts. On EU, this manifests as the 4hr level around 1.09000, where I intend to sell. I'll await the current price to pull back into these zones to address the imbalance and form a redistribution pattern.
Similarly to GU, there's a minor 4hr supply below that I anticipate will fail due to the presence of the Asian high above it. Once this fails and reaches the major supply, I'll be more inclined to sell from there as it offers a premium price.
Confluences for EU Sells are as follows:
- Price broke structure the downside and left a clean 4hr supply zone.
- Imbalances that needs to b filled before tapping into the supply.
- Lots of liquidity below in the form of asian lows.
- Price is overall bearish on the higher time frame.
- I can see the dollar to rising more to the upside.
P.S. I observe the current price reacting to the existing demand. If this reaction fails, price might respond bullishly to the demand just below, potentially initiating an upward move towards the supply levels above.
Have a great trading week guys!
Similarly to GU, there's a minor 4hr supply below that I anticipate will fail due to the presence of the Asian high above it. Once this fails and reaches the major supply, I'll be more inclined to sell from there as it offers a premium price.
Confluences for EU Sells are as follows:
- Price broke structure the downside and left a clean 4hr supply zone.
- Imbalances that needs to b filled before tapping into the supply.
- Lots of liquidity below in the form of asian lows.
- Price is overall bearish on the higher time frame.
- I can see the dollar to rising more to the upside.
P.S. I observe the current price reacting to the existing demand. If this reaction fails, price might respond bullishly to the demand just below, potentially initiating an upward move towards the supply levels above.
Have a great trading week guys!