EURUSD 5/5/24

5월 5일

Starting off the week with euro to the US dollar this pair has played bearish across the high timeframes for a while now. On the 4 hour chart here I'm looking for price to pull back into the discount zone that was given by the bullish range that broke our high last week this tells us that we are due another push to the upside but overall the higher time frame structures are bearish.
Keeping this in mind if we do not pull back and we shift above our newly created high I will expect price to fall from the red area highlighted above, Personally I would prefer to see price pull back down below the 50 of the newly created range bringing us into the 4 hour POI liquidating the low and ultimately pushing back up above the newly created high allowing us to buy this last up move before the higher time frame begins to sell price off again.
News this week is relatively low so I'm not expecting anything crazy volatile but I do expect us to expand to the upside before we start to drop lower.
Please note the key levels that we have marked on our chart here are these points I'll be looking to buy from.

Remember to follow price action read what price is showing you and trade your plan wishing you all a successful trading week.