Hello, i think this pair is just making a pullback and a strong decline should follow.
This bias is based on many reasons i consider to have a better picture and build a strong case before entering a trade.
I know some tradesr are strictly technical, fundamental, ellioticians, price action, harmonic, etc.
I respect it, it is just not me. My trading style is to gather all relevant information i can get to build a solid case and have more confidence before opening a trade.
Looking a monthly chart we have a double top with divergence, a strong bearish signal:
On W1 chart a bearish shark is still working, i expect second target to be reached:
W1 chart technical reasons:
- macd overextended and crossing
- RSI trendline already crossed
- multiple candle spikes from 1.500 showing rejection
- bollinger band duplication: when this happens price should reach the middle of BB at least
EW count: this pair is forming a series of WXY corrective structures, i expect one more WXY structure to the downside:
D1 chart:
- ABC corrective structure unfolding
Fundamental information:
- Commodity currencies like the CAD are getting stronger due to USD weakness, big money is going there , this will continue until nex year since no rate hike is expected for the USD till then
- More QE program expected for the EUR, the EUR is expected to weaken next months or at least be "stable".
Here on H1 chart:
- Bearish cypher
- corrective channel
- trendline resistance
- round level 1.5000
IF price gets there i expect to catch a strong decline.
Best regards.
This bias is based on many reasons i consider to have a better picture and build a strong case before entering a trade.
I know some tradesr are strictly technical, fundamental, ellioticians, price action, harmonic, etc.
I respect it, it is just not me. My trading style is to gather all relevant information i can get to build a solid case and have more confidence before opening a trade.
Looking a monthly chart we have a double top with divergence, a strong bearish signal:
On W1 chart a bearish shark is still working, i expect second target to be reached:
W1 chart technical reasons:
- macd overextended and crossing
- RSI trendline already crossed
- multiple candle spikes from 1.500 showing rejection
- bollinger band duplication: when this happens price should reach the middle of BB at least
EW count: this pair is forming a series of WXY corrective structures, i expect one more WXY structure to the downside:
D1 chart:
- ABC corrective structure unfolding
Fundamental information:
- Commodity currencies like the CAD are getting stronger due to USD weakness, big money is going there , this will continue until nex year since no rate hike is expected for the USD till then
- More QE program expected for the EUR, the EUR is expected to weaken next months or at least be "stable".
Here on H1 chart:
- Bearish cypher
- corrective channel
- trendline resistance
- round level 1.5000
IF price gets there i expect to catch a strong decline.
Best regards.