My EU bias currently is to catch a temporary move down. As price approaches a high-quality 11-hour supply zone, I'll be watching for a Wyckoff distribution to confirm a sell opportunity.
Whether or not price mitigates the supply zone, I'm expecting it to retrace to a newly formed demand zone, ultimately aiming to make a new high. Therefore, once price reaches the 10-hour demand zone, I will be looking for buy opportunities.
Confluences for EU Sells are as follows :
- Price has been very bullish, breaking structure to the upside.
- The current trend is bullish, matching the dropping DXY.
- There is significant liquidity to the upside, with strong bullish candles on the higher time frame.
- Demand zones have been created near the current price, indicating potential for another rally.
P.S. Once price returns to the 10-hour demand zone, I will be on the lookout for a Change of Character (CHOCH) on the lower time frame to confirm my buy opportunities. For now, I'll wait to see how Monday's market opens.