Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We Have an "W" Formation and we and we already started new impulse and broken previous High .
Weekly : We also have an overextended "W" formation as well and we completed the pattern. We should see a continuation to the upside.
Daily : We have a formation of a new "W" pattern and we will be placing our entry at the neckline of this W formation and wait for the market to shift from a bearish market to a bullish market on lower timeframe to execute the trade .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an EUR perspective hedge funds added more longs positions than shorts and this explains the fact that there will be a lot of buy limits on this pair and then support our idea of correction in the market.
8H: We are currently super bullish and we will be monitoring price action around the Entry area for the environment to shift from a bullish to a bearish environment so we can execute our entry for a good R:R trade setup.
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 leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!
Monthly : We Have an "W" Formation and we and we already started new impulse and broken previous High .
Weekly : We also have an overextended "W" formation as well and we completed the pattern. We should see a continuation to the upside.
Daily : We have a formation of a new "W" pattern and we will be placing our entry at the neckline of this W formation and wait for the market to shift from a bearish market to a bullish market on lower timeframe to execute the trade .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an EUR perspective hedge funds added more longs positions than shorts and this explains the fact that there will be a lot of buy limits on this pair and then support our idea of correction in the market.
8H: We are currently super bullish and we will be monitoring price action around the Entry area for the environment to shift from a bullish to a bearish environment so we can execute our entry for a good R:R trade setup.
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 leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!
