Hello traders,
EURUSD has been inside a range since the beginning of the year. It's important to consider a few things:
- The overall structure is bullish.
- Price already took buyers and sellers by liquidating both directions.
- There is also a bigger M15 range that price is respecting.
My expectation is that price will at least mitigate the H4 supply (red zone) even if it wants to continue down. Why? Sellers from Friday are still intact after that impulsive move and they were definitely induced into the market. When/if price mitigates that H4 supply zone, it will have to make a decision. It will either continue higher and follow the Daily structure (I'll be looking for that), or it will start a pullback in order to take out the current buyers.
Slow start of the year for currency traders, nothing out of the norm, we just have to be patient :)
Good trading!
EURUSD has been inside a range since the beginning of the year. It's important to consider a few things:
- The overall structure is bullish.
- Price already took buyers and sellers by liquidating both directions.
- There is also a bigger M15 range that price is respecting.
My expectation is that price will at least mitigate the H4 supply (red zone) even if it wants to continue down. Why? Sellers from Friday are still intact after that impulsive move and they were definitely induced into the market. When/if price mitigates that H4 supply zone, it will have to make a decision. It will either continue higher and follow the Daily structure (I'll be looking for that), or it will start a pullback in order to take out the current buyers.
Slow start of the year for currency traders, nothing out of the norm, we just have to be patient :)
Good trading!