I think banks will move upwards at first to take out the liquidity sitting above the resistance area, before moving towards the downside to take out the liquidity sitting below the double bottom.
Here are some examples of institutional manipulation and mitigation. I am personally going to enter a position in the latest manipulation area as the banks move to mitigate their orders.
This week, I think we can see EURUSD make a brief recovery. At first, I think we can see price briefly move down to take out some liquidity, before moving upwards to take out the liquidity on that side - the market failed to do this last week as we saw a heavy downwards push after reaching the resistance zone.
Previously, I marked up a long position for USDCHF which should be entered within this week, possibly next week (this is the position furthest on the right). I believe that institutions will target these areas of liquidity to take price to the downside, before returning up to fill the more long term liquidity, as you can see marked up at the top of the chart. ...
