EURUSD Price has once again tapped into the 5m supply OB and penetrated through the previous EQH and the trendline liquidity, to form yet another EQH.
At this juncture, one of 2 things can happen:
1) price will once again head back down for more sell side liquidity, or
2) price will penetrate through this new EQH formed to get to the supply OB above (and possibly 1.10) before the bearish continuation.
Note that we are currently at the mid of the range - price will whipsaw around this area and it's not recommended to take any trades until price goes to the extreme zones of the range.
EURUSD As discussed, we are technically still bearish from a macro perspective.
Why? We are taking guidance from the HTF weekly and daily charts - weekly has tapped off a supply OB, and daily has printed 2 x bearish candles closing in succession.
So, even though you see price moving up, we are merely operating within the range at the moment. Price needs to extract more buyside liquidity before the bearish continuation can happen.
Intraday wise, look out for price moving up to the current 1h range's extreme premium zone through the liquidity points above before the potential bearish continuation thereafter.
EURUSD Price has once again tapped into the 5m supply OB and penetrated through the previous EQH and the trendline liquidity, to form yet another EQH.
