EURUSD: Two Scenarios Explained
My yesterday's forecast on EURUSD played out nicely
and the price bounced from a year's low.
Now, based on a current perspective I see two equally possible scenarios:
Currently, the market is trading within a strong daily supply zone .
1.175 - 1.1775 is a bears' area.
To confirm a coming bullish reversal, we need a bullish breakout and candle close above that entire area.
The next goal will be 1.1825
Because the price is approaching a key daily structure now,
it won't be surprising if the pair will drop (taking into consideration that the sentiment is very bearish for the last two weeks).
Your confirmation here will be a bearish breakout of a horizontal consolidation area on 1H.
Wait for 1H candle close below 1.1732 as your trigger to sell.
First goal will be 1.1707
Wait for the trigger and follow the market.