EUR/USD 1D - With this market I am expecting some longer term bearishness, my reasoning for this is because price looks to have been distributing for some time now.
As you can see price is respecting areas of Supply and is creating new lows in the market, this showing weakness in the EUR. I would like to see price trade us higher initially to trade us up and into the area of Supply above, giving us the ability to get involved in this market with a refined entry.
The reason I feel price will put in a correction before continuing this bearish momentum is because we have seen that price has put in equal lows and has began to trade us in a bullish way, breaking a fractal high within this leg taking us lower.
We could look to get involved in some temporary buys but its important we wait for the right confirmation before we do so. We want to see structure break to the upside fractally first.
As you can see price is respecting areas of Supply and is creating new lows in the market, this showing weakness in the EUR. I would like to see price trade us higher initially to trade us up and into the area of Supply above, giving us the ability to get involved in this market with a refined entry.
The reason I feel price will put in a correction before continuing this bearish momentum is because we have seen that price has put in equal lows and has began to trade us in a bullish way, breaking a fractal high within this leg taking us lower.
We could look to get involved in some temporary buys but its important we wait for the right confirmation before we do so. We want to see structure break to the upside fractally first.
