My bias for EURUSD is similar to GBPUSD, as I'm seeking selling opportunities towards a demand zone. There's a 10-hour supply zone that I'm eyeing for potential sells to continue the downtrend. I'll be waiting for a high to be swept during a Wyckoff distribution before entering my sell positions.
Following this, I anticipate price to decline towards the 3-hour demand zone, which coincides with the 3-hour demand area for GBPUSD. I'll then look for a Wyckoff accumulation phase to ride price back up and fill in the major imbalances left from the upside.
Confluences for EU Sells are as follows:
- Price has been very bearish recently and confirms this via continuous break of structures.
- Good 10hr supply that has recently been created which also caused a BOS.
- Theres an imbalance below that needs to get filled as well as lots of liquidity to be taken.
- The overall trend of the market on the higher time frame is bearish as well.
- DXY also looking bullish as well and it's aligning very well with EU's Zones.
P.S. If the demand zone fails, it will break a significant level of structure, making selling positions more favorable. Currently, bearish momentum remains strong, and I anticipate further downside movement.
Have a great trading week remember risk accordingly and maintain emotional discipline!
Following this, I anticipate price to decline towards the 3-hour demand zone, which coincides with the 3-hour demand area for GBPUSD. I'll then look for a Wyckoff accumulation phase to ride price back up and fill in the major imbalances left from the upside.
Confluences for EU Sells are as follows:
- Price has been very bearish recently and confirms this via continuous break of structures.
- Good 10hr supply that has recently been created which also caused a BOS.
- Theres an imbalance below that needs to get filled as well as lots of liquidity to be taken.
- The overall trend of the market on the higher time frame is bearish as well.
- DXY also looking bullish as well and it's aligning very well with EU's Zones.
P.S. If the demand zone fails, it will break a significant level of structure, making selling positions more favorable. Currently, bearish momentum remains strong, and I anticipate further downside movement.
Have a great trading week remember risk accordingly and maintain emotional discipline!