EURUSD 28/7/24

28 Tem

This week in the EU, we are looking to meet a couple of key points. Overall, we are focusing on the price shifting back into the bearish higher timeframe trend. Currently, the price has been moving lower. We opened up a gap on the daily timeframe, indicating a likely drop. Since then, we have moved lower and created short-term liquidity lows, suggesting the price will sweep out these levels and continue its downward movement.

The key points we want to see met this week are as follows:
1. Price to sweep out one of our short-term highs and create a BOS (Break of Structure) downwards, giving us a clean sweep and break move.
2. We have an area of supply that we may tap into. If we reach this high, it would be ideal for short moves and selling positions.
3. If we tap into this supply and break higher, I will look for the daily high to be reached.

We are more inclined to see a sell move to follow the higher timeframe trend. The target for this short move is the demand zone marked in green and the liquidity low marked just above that zone. Ideally, this zone will fail, and the price will move lower. However, we may react at this zone and go higher. We will follow what the price shows us!

Follow your rules and stick to your plan!

Trade safe.