EURUSD 23/6/24

23 Jun

This week on the Euro, we're looking for price action to respect the higher time frame bearish narrative and overall play within the four-hour major range that we have in play from last week.

Picking up the markup we have provided, you can see what we are analyzing. Options one and two involve playing within the short-term internal range and breaking lower within those areas, giving us a bearish shift below the four-hour low we have highlighted. Of course, this means that the price will not be pulling back to the 50% of the higher timeframe range, but this is not essential—it's just preferable. If we break higher above the four-hour high highlighted above the first two areas of supply, then I'll expect the price to push up to the extreme area of supply. In turn, we are looking at the price to sell away from targeting the four-hour major low that we have marked. This is the main key for this week.

If we only have a bullish week and play within the higher timeframe range, we will, of course, trade accordingly. However, we ultimately are looking for sell opportunities this week. Take a look at the chart, and you will see the areas we are focusing on.

Trade safe and always stick to your plan!