EURUSD Higher TF SELL

2022년 9월 29일

EURUSD

EURUSD has made a strong push to the upside and closed well above the 0.9700 key level during NY Session (Sept 28). 1H made a clear break of structure to the upside and has been creating higher highs/lows since.
Price is reaching a strong Supply Level on the Daily Timeframe which I expect to see some reaction from. I will wait for Price Action confirmations before jumping into what I believe could be a long term Sell. I am overall Bearish on EURUSD and
would like to see the following scenario play out:

Price has made a strong push to the upside since trading around 0.9540s. I see this as the Daily Pullback and possible anticipation to a new Impulsive move to the downside.

I don't want to get caught into early SELL positions so I will wait to see how price reacts once it reaches my Supply Level at around 0.9850. From here I will like to see a clear price action confirmation and would enter into a SELL as follows:

Entry: 0.9850
0.9885

Stops : 15 pips above

Targets: 0.9730
0.9600
0.9512

*Again* I want to be very cautious with this SELL as I am aware of the bullish price action on the 4H, and Daily (last 2 candles), I would like to see a 30m and ideally 1H Break of Structure to the Downside to get into this SELL.

Note: This is not to be taken as trading advice and/or signals, please do your own analysis and manage your risk responsibly!
Best of luck in your trading

Let me know your thoughts on where you see EURUSD headed next!