Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have an impulse correction impulse pattern and we could be looking at a potential target 1.50
Weekly : We are currently on the 5th wave of Eliott for the last impulsion to complete the pattern before the correction sequence "ABC"
Daily : We have a descending channel . "M" formation and we expect the price to retest the neckline before the massive drop. Also we have a strong area of supply right beside the trendline.
COT : Institution have been shorting EUR massively since they added closed more than 21000 long positions and added close to 7200 long position during the last report.
From an AUD perspective we are still looking at a strong AUD even though hedge funds added shorts positions and closed longs and this explains perfectly the retracement of this currency with all the pairs.
4H: We have a strong area of resistance + supply either on the 4H and Daily timeframe.
MACD : we are in a bearish environment
EMAs: Cut for short for the moment .
EMA 200 : We are still below this EMA and could be considered as a resistance itself in case we decide to go higher to grab more liquidity.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Monthly : We have an impulse correction impulse pattern and we could be looking at a potential target 1.50
Weekly : We are currently on the 5th wave of Eliott for the last impulsion to complete the pattern before the correction sequence "ABC"
Daily : We have a descending channel . "M" formation and we expect the price to retest the neckline before the massive drop. Also we have a strong area of supply right beside the trendline.
COT : Institution have been shorting EUR massively since they added closed more than 21000 long positions and added close to 7200 long position during the last report.
From an AUD perspective we are still looking at a strong AUD even though hedge funds added shorts positions and closed longs and this explains perfectly the retracement of this currency with all the pairs.
4H: We have a strong area of resistance + supply either on the 4H and Daily timeframe.
MACD : we are in a bearish environment
EMAs: Cut for short for the moment .
EMA 200 : We are still below this EMA and could be considered as a resistance itself in case we decide to go higher to grab more liquidity.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
