🚨EUR/USD Trade Revealed: Moves You Need to watch! 4/4/24
🔍 Keeping an eye on potential scalp plays in EUR/USD. On a broader scale, we're currently within a weekly downtrend range. We've observed an unconfirmed Lower High (LH) on the weekly chart following a reaction at the 4-hour supply level around 1.110, leading to a downward rally within our current internal range. Although the supply level barely broke structure at 1.072, resulting in the range's low, secondary structure on the 4-hour chart has turned bullish, suggesting a possible retracement for a scalp long position.
Highlighted zones represent potential demand areas for reaction, some coinciding with point of controls and Fibonacci zones. Should the rally persist without significant retracement, attention is directed towards the 4-hour supply above for a potential reaction. Failing that, focus shifts to the range high for reaction. In the event of a range breakout, monitoring for a range break retest of the old extreme will be key.
Confirmation: For a bullish scenario, clear market structure change on the 15-minute chart and above is sought, transitioning from printing higher highs and higher lows to lower highs and lower lows, accompanied by bearish divergence on Market Cipher. Conversely, in a bearish scenario, a clear market structure change on the 15-minute chart and above, moving from printing lower highs and lows to higher highs and lows, is monitored, accompanied by bullish divergence on Market Cipher.
Highlighted zones represent potential demand areas for reaction, some coinciding with point of controls and Fibonacci zones. Should the rally persist without significant retracement, attention is directed towards the 4-hour supply above for a potential reaction. Failing that, focus shifts to the range high for reaction. In the event of a range breakout, monitoring for a range break retest of the old extreme will be key.
Confirmation: For a bullish scenario, clear market structure change on the 15-minute chart and above is sought, transitioning from printing higher highs and higher lows to lower highs and lower lows, accompanied by bearish divergence on Market Cipher. Conversely, in a bearish scenario, a clear market structure change on the 15-minute chart and above, moving from printing lower highs and lows to higher highs and lows, is monitored, accompanied by bullish divergence on Market Cipher.