EURUSD SellEUR/USDOANDA:EURUSDDeonWealthFor the best part of the year so far, EU has been trending lower after tapping into a 1M Supply zone. The trend on the monthly is bearish. On the 1D we see that EU has signaled a choch to the down side which tells us that the supply zone on the monthly is overpowering 1D demand. After a period of of consolidation in March, April brought with it the retracement needed to bring price up into a major supply in the premium area. Upon reaching this area, we see that price has put in a 1hr choch signifying that price is likely ready to resume the downtrend. The recent uptrend on the 1hr was preceded by a choch and with the recent fundamental headlines, these speak to caution. However, a 1D choch to the downside is likely to have more power than a 1hr choch to the upside just as a 1M supply is likely to overpower a 1D demand where the current upward moves stemmed from. I look to sell from the 1hr zone I've marked. However, we'll wait for the DXY to confirm the trade idea by also printing a 1hr choch to the upside.