EURUSD | BEARISHNESS
Sellers seem to be maintaining momentum to plunge price;
The 1.040 level looks promising for injecting sell orders!!
But technically, 4H chart shows that levels ranging 1.023-1.025 have proven to be a strong resistance for Buyers as Sell Orders have proven to be around these areas and price might need not get to 1.040 levels. These resistant levels have clearly shown institutional foot prints conducting re-distribution and this is worthy of note owing to the fact that these lurking foot prints are becoming more conspicuous after ECB just recently hiked interest rates by 50bps on July 21st, 2022.
Commitment of Traders report as displayed by Chicago Mercantile Exchange suggests the net position of categorized traders on the future contract of the Euro FX gravitating towards the shorts as Price is seen to be trading around a key resistance earlier expounded around the technicals.
Of course, there are intricacies to the analytical decisions drawn but for the sake of summary, this might provide a compass to figuring out sniper entries. Yes, Sniper Entries.
In my Opinion, Expectations of interest rate hike by the Federal Reserve will see #EURUSD plummeting; breaking throught parity level.
It just might get worse for Euro.
#InterestRates #Commodity #Currency #forextrading #futures #TradehoodAcademy #Institutionallevels
The 1.040 level looks promising for injecting sell orders!!
But technically, 4H chart shows that levels ranging 1.023-1.025 have proven to be a strong resistance for Buyers as Sell Orders have proven to be around these areas and price might need not get to 1.040 levels. These resistant levels have clearly shown institutional foot prints conducting re-distribution and this is worthy of note owing to the fact that these lurking foot prints are becoming more conspicuous after ECB just recently hiked interest rates by 50bps on July 21st, 2022.
Commitment of Traders report as displayed by Chicago Mercantile Exchange suggests the net position of categorized traders on the future contract of the Euro FX gravitating towards the shorts as Price is seen to be trading around a key resistance earlier expounded around the technicals.
Of course, there are intricacies to the analytical decisions drawn but for the sake of summary, this might provide a compass to figuring out sniper entries. Yes, Sniper Entries.
In my Opinion, Expectations of interest rate hike by the Federal Reserve will see #EURUSD plummeting; breaking throught parity level.
It just might get worse for Euro.
#InterestRates #Commodity #Currency #forextrading #futures #TradehoodAcademy #Institutionallevels
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