EURUSD Update 12/02/2024
Daily
Trend is still bearish.
Currently at 4 hour demand level.
Low probability that this demand level holds given daily trend.
4Hr
Structure is bullish following the 4hr break of structure.
Internal structure is bearish, catering the for pullback to the 4 hr demand.
Not looking for longs unless structure convincingly shifts bullish.
Again, this level has a high probability of failing given the overall daily bearish bias.
M15
Structure is bearish.
Internal price action has created a demand chain to cater for the pullback into M15 premium supply areas.
We are almost at the equilibrium point ( red line = 50% FIB).
Best scenario is to wait for price to reach premium supply.
Trend is still bearish.
Currently at 4 hour demand level.
Low probability that this demand level holds given daily trend.
4Hr
Structure is bullish following the 4hr break of structure.
Internal structure is bearish, catering the for pullback to the 4 hr demand.
Not looking for longs unless structure convincingly shifts bullish.
Again, this level has a high probability of failing given the overall daily bearish bias.
M15
Structure is bearish.
Internal price action has created a demand chain to cater for the pullback into M15 premium supply areas.
We are almost at the equilibrium point ( red line = 50% FIB).
Best scenario is to wait for price to reach premium supply.
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