Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to continue dropping.
Weekly : We have an impulse correction impulse pattern and we are at the 5th wave of Eliott and we expect the price to push lower.
Daily : We have a "W" formation and we are currently at a strong level of resistance that was rejected by the market if you look at the wick of the last candle, the price seems to be going toward the Neckline.
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 NZD perspective we are still looking at a strong NZD even though hedge funds added more shorts positions than longs and this explains perfectly the retracement of this currency with all the pairs.
4H: We do have strong level of resistance at the moment and we will be waiting for the market to shift from a bullish to a bearish environment on the 4H timeframe in order to place our entry.
MACD : we are still in a bullish environment
EMAs: Cut for long for the moment but anything could change within the last hour
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 just Completed an "M" formation and we already started the new impulse to the downside. We expect the price to continue dropping.
Weekly : We have an impulse correction impulse pattern and we are at the 5th wave of Eliott and we expect the price to push lower.
Daily : We have a "W" formation and we are currently at a strong level of resistance that was rejected by the market if you look at the wick of the last candle, the price seems to be going toward the Neckline.
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 NZD perspective we are still looking at a strong NZD even though hedge funds added more shorts positions than longs and this explains perfectly the retracement of this currency with all the pairs.
4H: We do have strong level of resistance at the moment and we will be waiting for the market to shift from a bullish to a bearish environment on the 4H timeframe in order to place our entry.
MACD : we are still in a bullish environment
EMAs: Cut for long for the moment but anything could change within the last hour
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 !!!
