Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We have an overextended "M" formation. We expect the price to retest the neckline before the continuation to the downside.
Weekly : We did reject the 0.382 FIB level and it seems that now we are looking at a deeper retracement and maybe visit the 0.5 Fib level.
Daily : We have a bullish Flag that was broken during the previous week and we would like the price to at least retest the trendline before any further continuation to the upside.
COT : We also looking at a bullish DXY since institutions have been adding long on the $ index during the previous weeks.
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 an overextended "M" formation. We expect the price to retest the neckline before the continuation to the downside.
Weekly : We did reject the 0.382 FIB level and it seems that now we are looking at a deeper retracement and maybe visit the 0.5 Fib level.
Daily : We have a bullish Flag that was broken during the previous week and we would like the price to at least retest the trendline before any further continuation to the upside.
COT : We also looking at a bullish DXY since institutions have been adding long on the $ index during the previous weeks.
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 !!!
