EURUSD is reversing since October 2022 as expected
21 Nov 2022
EURUSD has been reversing since October 2022, as expected. The EURO forex cross-pair has been dropping for months and started its reversal after hitting a very big timeframe long-term demand level. That is helping the EURUSD rally and stay above the parity level again. There is a lot of profit margin for the EURUSD to keep rallying. The US Dollar Index DXY is also tanking after hitting a very strong supply imbalance.
The daily timeframe is trending up. New demand levels have been created on the EURUSD cross pair above the parity level, but the pullback has not happened yet. There is still much room for the EURUSD cross-pair to keep rallying.
EURUSD supply and demand technical analysis
As supply and demand traders, we do not need to pay attention to Forex’s fundamental analysis. You should not worry about fundamentals unless you do very short-term trading and scalping.
Trading is just waiting for the right trigger points and scenarios to present themselves, this game has a name, and it’s called the waiting game. We must patiently wait for the correct scenarios and setups to happen and for the price to pull back or dip into the price levels we want to trade. These price levels are made of supply and demand imbalances in our case. You can use these imbalances to plan your trades in lower timeframes.
Join our supply and demand online trading academy If you want to learn how to trade stocks using our supply and demand trading strategy.
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