From the technical view:
1. From the weekly perspective, price is pushing higher and now it is sitting inside the major resistance level, if the lower timeframe will show some rejections, we can expect a deeper retracement to the downside on the next week.
2. From the daily point of view, the current daily candle shows 'the break out weekly resistance but closed below' it, if the next daily candle will be closed below this level again, we can be confirmed this is a fake break out and expect it creating an equal low and form a potential HNS pattern as shown on the chart.
From the fundamental views:
1. Big institutional are bullish bias on the EUR in the long term and short term.
2. In the new data, 37k of the long positions were added and 5.4k of the short positions were added at the same time. We can expect more strength to continue to arise on the EUR.
Implication: During EUR move to the upside, long remain added/open, but short increased, which means they are just short for the completion of the deeper retracement, after that it will continue to move to the upside.
How to approach EURUSD?
1. Waiting for the '2' scenario arise on the daily timeframe, if the price do so, switch to the lower timeframe looking for the short opportunity to catch the deeper retracement if your rules of the strategy are fulfilled.
2. If the '2' does not show, waiting for the lower timeframe becomes the bearish market, then take the short opportunity.
3. Just short at the current price is not a good idea, because a lower timeframe still continues making HH and HL, the price can easily break the resistance level and continue to move further upside since big players are extremely bullish on the EUR.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on EURUSD or which pairs you would like to me analyze in the future.
1. From the weekly perspective, price is pushing higher and now it is sitting inside the major resistance level, if the lower timeframe will show some rejections, we can expect a deeper retracement to the downside on the next week.
2. From the daily point of view, the current daily candle shows 'the break out weekly resistance but closed below' it, if the next daily candle will be closed below this level again, we can be confirmed this is a fake break out and expect it creating an equal low and form a potential HNS pattern as shown on the chart.
From the fundamental views:
1. Big institutional are bullish bias on the EUR in the long term and short term.
2. In the new data, 37k of the long positions were added and 5.4k of the short positions were added at the same time. We can expect more strength to continue to arise on the EUR.
Implication: During EUR move to the upside, long remain added/open, but short increased, which means they are just short for the completion of the deeper retracement, after that it will continue to move to the upside.
How to approach EURUSD?
1. Waiting for the '2' scenario arise on the daily timeframe, if the price do so, switch to the lower timeframe looking for the short opportunity to catch the deeper retracement if your rules of the strategy are fulfilled.
2. If the '2' does not show, waiting for the lower timeframe becomes the bearish market, then take the short opportunity.
3. Just short at the current price is not a good idea, because a lower timeframe still continues making HH and HL, the price can easily break the resistance level and continue to move further upside since big players are extremely bullish on the EUR.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on EURUSD or which pairs you would like to me analyze in the future.