EURUSD Potential Forecast | 15th January 2023

Hi everyone, today I will be talking about a possible EURUSD long trade using Smart Money Concepts for this week.

Trade Idea:
1. Price continues to form higher highs and higher lows as seen by the break of structure (BOS)
2. Multiple liquidity has been taken followed by structural breaks to the upside
3. However, as of current price action, bullish momentum is exhausted and we could see a retracement before heading back up.
4. Demand zone has been marked by red and it can be identified on the lower timeframe. (tradingview does not allow me to show the LTF)
5. Will be looking at how price reacts off the demand zone and look for bullish confirmations.

I believe price can continue to retest the weekly highs, given the very bullish sentiments in the market. We could potentially see a further marked move to the upside for EURUSD.

Things to look out for:
1. If price were to invalidate the demand zone, we could see price continue down lower to grab liquidity to head up further. So do keep an eye out on that.

Trade safe guys!

Regards,
Chern Yu