• Monthly bearish contracting triangle or just ABC correction, in process
• Sep bearish candle with higher volume than Aug on CFD and Futures (6E)
• Monthly ATR(14) support at 1.1320
• Weekly completed Bearish Head and Shoulder Pattern, it looks better in line charts with target at 1.1300
• Weekly Fib retracement support at 1.1280 to 1.1480 (50% - 61.8%) "Green Box"
• Weekly Fib extension support at 1.1230 to 1.1630 (100% - 161.8%) "Blue Box"
• Price below Yearly and Monthly Pivot point, not reaching S1 yet, Bearish
• Daily RSI overbought, 4H Bullish Divergence
• Daily Resistance: 1.1670, 1.1880
• 4H first resistance at 1.1630 ( Oct High & 38.2% fib ret) then 1.1720 (50%) then 1.1760 (61.8%) .. "Red Zones"
Monthly: Bearish
Weekly: Bearish
Daily: Bearish
Bias to downside
Plan: Sell High
• Sep bearish candle with higher volume than Aug on CFD and Futures (6E)
• Monthly ATR(14) support at 1.1320
• Weekly completed Bearish Head and Shoulder Pattern, it looks better in line charts with target at 1.1300
• Weekly Fib retracement support at 1.1280 to 1.1480 (50% - 61.8%) "Green Box"
• Weekly Fib extension support at 1.1230 to 1.1630 (100% - 161.8%) "Blue Box"
• Price below Yearly and Monthly Pivot point, not reaching S1 yet, Bearish
• Daily RSI overbought, 4H Bullish Divergence
• Daily Resistance: 1.1670, 1.1880
• 4H first resistance at 1.1630 ( Oct High & 38.2% fib ret) then 1.1720 (50%) then 1.1760 (61.8%) .. "Red Zones"
Monthly: Bearish
Weekly: Bearish
Daily: Bearish
Bias to downside
Plan: Sell High
Comment:
COT report of last week shows bearish bias, as non-commercial traders are more short than long and last week they added more short positions
Comment:
COT report shows bullish bias for USD index