TECHNICAL ANALYSIS
This pair is currently in a beautiful bullish trend, and price is currently at WM4/weekly tp@170.588. I am anticipating profit-taking from traders as the trading week comes to a close. This trade plan will probably play out next week.
Bulls will be looking for long setups at support @ 169.791/169.395, which is the buy zone and previous resistance.
A long trade at that level will give us a target @ 170.588 for next week.
FUNDAMENTAL ANALYSIS
The trend meter shows that the pair is bullish and projected to continue its bullish momentum.. Most institutional traders are long both currencies, but we can see a slight increase in longs for the Euro and short positions being added on JPY.
The retail sentiment indicator shows that most retail traders are short this pair, with 74% being short and only 26% being long, indicating they are on the wrong side of the trade.
The plan is to go long once price gets to the buy zone.
This pair is currently in a beautiful bullish trend, and price is currently at WM4/weekly tp@170.588. I am anticipating profit-taking from traders as the trading week comes to a close. This trade plan will probably play out next week.
Bulls will be looking for long setups at support @ 169.791/169.395, which is the buy zone and previous resistance.
A long trade at that level will give us a target @ 170.588 for next week.
FUNDAMENTAL ANALYSIS
The trend meter shows that the pair is bullish and projected to continue its bullish momentum.. Most institutional traders are long both currencies, but we can see a slight increase in longs for the Euro and short positions being added on JPY.
The retail sentiment indicator shows that most retail traders are short this pair, with 74% being short and only 26% being long, indicating they are on the wrong side of the trade.
The plan is to go long once price gets to the buy zone.
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.
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.