EURUSD 17/11/24

17 nov

As we head into this week, we maintain a bearish bias on the EUR/USD pair. This aligns with last month’s trend, where we consistently sold this pair to the downside. Without a shift in bias, we expect this bearish momentum to continue.

Looking at the chart, we’ve identified two key areas of interest for potential selling opportunities. First, there’s a short-term high located around the middle of the current range. This is also a 4-hour high that swept previous short-term highs. Above this, we see an area of unmitigated supply that triggered the last major break of structure, along with a liquidity high just above it. If the price pulls back, it could interact with this supply zone and possibly take out the liquidity highs.

However, this pullback would be a counter-trend move. Our primary expectation remains for the price to continue its downward trajectory toward the lows. Last week, the price swept a daily low, highlighted by an arrow on the left-hand side of the screen. This sweep led to a notable upward push, which, while counter-trend, could serve as the catalyst for the pullback we anticipate.

The market open will be interesting to watch. If the price gaps upward, it could indicate an intent to move higher before potentially filling the gap later in the week. This would align with the bearish continuation we’ve forecasted.

Trade safe and stick to your plan.