• 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
Note
COT report of last week shows bearish bias, as non-commercial traders are more short than long and last week they added more short positionsNote
COT report shows bullish bias for USD index
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.