EUR/USD Shorts from 1.07400

2024年6月16日

My bias is similar to GU, given the significant bearish pressure we've seen. I aim to continue this bearish trend. Currently, I am waiting for a pullback into a supply level for price to distribute and maintain its downward direction.

I will look for sell opportunities at the 10-hour supply zone. If the price doesn't react there, I expect a stronger response from the 4-hourly supply zone, which is at a more premium price. From there, I plan to sell back down, targeting the liquidity below.

Confluences for EU Sells are as follows:

- Lots of liquidity below that needs to get taken as well as imbalances that need to get filled.

- DXY is also looking bullish which aligns with this idea as well.

- Price has left a clean level of supply that has been unmitigated.

- Price is currently in a downtrend so this is a pro-trend idea.

- Higher time frame and candle stick anatomy also show bearish

P.S. If the price drops a bit more, I will consider taking buys from the 4-hour demand zone, as it is valid and at a good price point. However, if this zone breaks, it will further confirm my bearish bias.