Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have an impulse , correction continuation pattern . We are currently sitting around the 0.786 Fib level that was rejected previously more than 3 times now.
Weekly : We we are forming a potential "W" formation and we rejected the quiet strong support around the demand Area .Also we tested the all Fib Levels of the monthly leg and we expect a very strong rejection to the upside soon enough to complete the Monthly pattern.
Daily : We have a confluence of support , We also had an "M" formation that was completed but we strongly rejected the support which may be a sign of the end of the correction move and the start of the next Monthly impulse .
COT : Institution have been Increasing net positions in EUR since they added more than 4000 long positions and closed to 800 Short position during the last report.
From an CAD perspective we have a CAD getting weaker on the short term since we went from 16000 Net position two weeks ago to 9500 Net positions last week and also during the last report hedge funds closed 2300 Long position and added more than 4100 short positions.
4H: We clearly have an ascending triangle , in addition of a strong area of Demand close by the confluence of support provided by the trendline and the support level at the 0.786 FIB .
MACD : Bullish environment
EMAs : Cut for long
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. You can also let me know which pair you'd like me to cover in the next ideas in the comment area below !!
Trade safe !!!
Monthly : We have an impulse , correction continuation pattern . We are currently sitting around the 0.786 Fib level that was rejected previously more than 3 times now.
Weekly : We we are forming a potential "W" formation and we rejected the quiet strong support around the demand Area .Also we tested the all Fib Levels of the monthly leg and we expect a very strong rejection to the upside soon enough to complete the Monthly pattern.
Daily : We have a confluence of support , We also had an "M" formation that was completed but we strongly rejected the support which may be a sign of the end of the correction move and the start of the next Monthly impulse .
COT : Institution have been Increasing net positions in EUR since they added more than 4000 long positions and closed to 800 Short position during the last report.
From an CAD perspective we have a CAD getting weaker on the short term since we went from 16000 Net position two weeks ago to 9500 Net positions last week and also during the last report hedge funds closed 2300 Long position and added more than 4100 short positions.
4H: We clearly have an ascending triangle , in addition of a strong area of Demand close by the confluence of support provided by the trendline and the support level at the 0.786 FIB .
MACD : Bullish environment
EMAs : Cut for long
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. You can also let me know which pair you'd like me to cover in the next ideas in the comment area below !!
Trade safe !!!
