EURUSD 2 Hour:

Clear shift of the trend structure now turning bearish, after breaking through structure support last week and creating new resistance, shifting price into a downtrend making lower lows & highs.
Weekly bearish engulfing also showing a shift of momentum on the higher timeframe.
This upcoming week, I would like to see price pullback to create a new lower high and retest the supply zone above where I will look for a high R/R setup and continuation of the trend.

Note

Will be looking for a setup like this on the lower timeframe for EURUSD: A pullback into the supply zone where I will be looking for confirmation to take a short setup. Risking about 19 pips for a potential of 80-120 pips targeting the zones below. Now waiting to see if price can pullback for a new lower high into the supply zone, for a continuation of downtrend.

Note

Weekly Timeframe: Bearish engulfing reaction off the higher timeframe key level showing a shift of momentum back to sellers again.

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Top down analysis on EURUSD, from Weekly to Daily, from 2 hour down to the 30 min timeframe: are aligning well with the bearish confirmation

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Top down analysis on EURUSD, from Weekly to Daily, from 2 hour down to the 30 min timeframe: are aligning well with the bearish confirmation

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Vise versa, this is the US Dollar index on Daily: Price rejected off major support at the green zone where looking left massive bullish movement took place. Also price is in a falling channel reversal pattern, & if a breakout occurs the buyers may be preparing to push price back to the upside again on the higher timeframe.

Trade active

Price has pulled back into the supply zone & the setup has been made valid

Note

TP1 achieved, +35 pips

Profound_Ambition

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Profound_Ambition