EURUSD 30/6/24

6月30日

This week on the euro, we have four potential ideas mainly based on the principle that we are running bearish across most time frames, including the higher time frames.

Firstly, we have almost no unmitigated price action on the 4-hour time frame. We've built extensively above and below the price action created last week, leading me to believe this is an area of consolidation before the next expansive or pullback move is formed. My personal preference is to take the liquidity marked above by the yellow bar, run the internal high, and reach into the extreme supply and the extreme order block at the upper end of this range. This is using the 4-hour high highlighted as major liquidity within our range. This would allow us to follow long positions through the liquidity breakout within the current range and also follow shorts from the preferred premium area within the higher time frame range.

In the middle of last week, we liquidated the daily low, which was our target on a higher time frame. Liquidating this low and pulling back suggests that there may be a deeper push into the range before we sell off again.

Of course, we have our non-preferred moves highlighted as well. This includes the price selling off immediately, taking out the low we have marked as liquidity, falling, and creating a new range overall. Additionally, we could sell away from the upper end of the range we have marked, which would give us a non-preferable sell move but still completely valid to follow for the bearish trend.