EURUSD 20/10/24

20 oct.

Following the bias we had on the Euro last week, the same outlook remains in place. Our high time frame bias on the daily chart is clearly bearish, supported by a strong downward movement. All the indicators are aligning with further price declines, and as you can see, the institutional trajectory is also pointing lower.

We are looking for a potential pullback to the supply area, where we would consider selling to target lower prices. This area is marked on our chart. If price breaks through the supply zone, we would then expect a rise towards some of the liquidity positioned above. However, if price does not break through and continues to drop, the next level we anticipate price stalling at is 1.08000, a key level that could serve as liquidity for the last low placed on the daily timeframe.

As always, our markup is kept simple to help you stay on the right side of the market without overcomplicating things. Remember, a straightforward system can still provide a consistent directional bias. You don't need a complex strategy to achieve this.

Trade safely, follow your plan, and stick to your risk management.