This week, my analysis for EU is showing slow movement, as it isn't close to any key Points of Interest (POI). However, after the CPI release, I expect a surge in liquidity, which could lead to a retracement in EU. From there, I’ll be looking to enter sell positions at a supply zone I've marked, which previously caused a break of structure to the downside.
There are two potential supply zones to watch: the 9-hour supply zone or the 2-hour supply zone above it. If price begins to slow down and distributes upward, I’ll be cautious. However, if the price continues to drop, I’ll wait for a new supply zone to form or look to enter buy positions from the 3-hour supply zone, as outlined in Scenario B.
Confluences supporting EU sell positions are:
- Price action has been strongly bearish, aligning with a pro-trend idea.
- The DXY has been bullish, which suggests EU could continue to move down.
- Liquidity remains focused to the downside.
- A potential supply zone is identified, providing a possible selling POI.
P.S. If price breaks structure to the downside, I’ll wait for a retest and then follow the downtrend.
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