Euro / Dollaro

EURUSD Top-Down Analysis

84
Hello Traders,

Here is the Top-Down Analysis of EURUSD (Monthly, Weekly, Daily for direction and 4H for entry) for

Week 48 - Nov 23

M > Price was respecting downward resistance trend-line however it broke trend-line to the upside, it will now act as support. We can see two W patterns, both below the trend-line as off now. We will have these two targets, both near 0.382 and 0.618 Fib levels on last monthly bullish impulse, active only after price breaks trend-line to the downside.

W > After breaking trend-line to the upside price decelerated and created a consolidation. Price dropped to test trend-line as support and moved upwards after rejection. We can also see bearish divergence in W chart.

D > While deceleration price respected an upward trend-line as support and after its break to the downside price is respecting the same as resistance. Price has dropped till daily demand zone twice creating a double bottom and moved up to test trend-line as resistance. Price has faced rejection at daily resistance level thrice in one week and is moving down after rejection.

As per COT EUR saw addition of both Long and Short, reducing net positions further. EXY weakened during the said period however it slightly recovered last week.
Institutions, since August, have been reducing their portfolio of Long and increasing Short positions, with about 60K Long positions closed and 19K short positions opened so far. In long term we can expect weakness of EUR to continue.

4H > Price has created triple top at daily support and is dropping down. We can expect continuation of bearish move.

Pair Correlation > EURUSD has negative correlation with USDCHF.

This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions.

Thank You
AP17FX

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