Good Day Traders !! On the Monthly timeframe we have an M formation , we expect the market to retest the neckline. Going down to the weekly timeframe We also have an "M" formation , We expect a correction until the neckline which is in confluence with the 0.5 Fib level taken on the impulse leg.
From a daily perspective we also have an "M" formation and we would like to see a the price complete the pattern and test the neckline of the daily pattern.
On the COT reports we can clearly see that institutions have closed over 20K long position on EUR and they opened a few short position, On the GBP we can see that we added more longs than short according to the last report published on Friday.
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 !!!
From a daily perspective we also have an "M" formation and we would like to see a the price complete the pattern and test the neckline of the daily pattern.
On the COT reports we can clearly see that institutions have closed over 20K long position on EUR and they opened a few short position, On the GBP we can see that we added more longs than short according to the last report published on Friday.
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 !!!