EURUSD supply and demand zones
The EURUSD has broken the long-term trend-line on the 4H chart. Therefore, we're no longer in a clearly defined bear trend. That being said, we have a good selling area which is a point of confluence between a support and resistance zone and the 50% retrace of the overall down-move. Therefore, we'd be looking to short the pair at the supply zone, however, given the trend-line break we're not looking for a longer term stop trailing play, rather, we'd look to take profit at the demand zone which begun the move. At that point if we'll get some supportive signals we may opt to reverse the position and go long.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.