There's potential of a trend turnaround due to an inverse head and shoulders pattern forming along with finding support on the dynamic 618 fib level and the 50 EMA.
Price has now broken above the 200 EMA and is currently at an area of resistance. This could create a retracement back to the 618 fib level (white line) and continue in a bullish momentum. Failing support at 116.50 level then this idea becomes void.
COT data shows JPY is neutral and has nearly 50/50 split but EUR still has a short bias which is why I think this would be short term and client sentiment is currently 54% short.
This is my first public idea so go easy on me :) and I welcome constructive feedback.
Price has now broken above the 200 EMA and is currently at an area of resistance. This could create a retracement back to the 618 fib level (white line) and continue in a bullish momentum. Failing support at 116.50 level then this idea becomes void.
COT data shows JPY is neutral and has nearly 50/50 split but EUR still has a short bias which is why I think this would be short term and client sentiment is currently 54% short.
This is my first public idea so go easy on me :) and I welcome constructive feedback.