Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We just broke below a very strong support that is turned resistance and we should expect the continuation to the downside.
Weekly : After the break of the monthly support we retested it on the weekly and we rejected this area which is an extra confluence that supports our short setup.
Daily : We have a downward channel and we are sitting currently at the upper trendline which is considered as a area of Supply and resistance. Also we had a retracement on the previous leg to the 0.5 FIB level which should be enough to continue the move.
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 GBP perspective we are still looking at a strong GBP since we went from 22000 Net position last week to 31000 Net position which is huge amount of long positions added.
4H: WE are sitting at a strong area of supply and we expect the price to grab the liquidity needed to push lower and start it's move.
MACD : we are still in a bullish environment but if next candle manages to close below the EMAs we should see an environment shift
EMAs: Cut for long for the moment but anything could change within the next hours
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 just broke below a very strong support that is turned resistance and we should expect the continuation to the downside.
Weekly : After the break of the monthly support we retested it on the weekly and we rejected this area which is an extra confluence that supports our short setup.
Daily : We have a downward channel and we are sitting currently at the upper trendline which is considered as a area of Supply and resistance. Also we had a retracement on the previous leg to the 0.5 FIB level which should be enough to continue the move.
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 GBP perspective we are still looking at a strong GBP since we went from 22000 Net position last week to 31000 Net position which is huge amount of long positions added.
4H: WE are sitting at a strong area of supply and we expect the price to grab the liquidity needed to push lower and start it's move.
MACD : we are still in a bullish environment but if next candle manages to close below the EMAs we should see an environment shift
EMAs: Cut for long for the moment but anything could change within the next hours
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 !!!