EURUSD Top-Down Analysis

Hello Traders,

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

Week 41 - 05 Oct

M > Price has downward move supported by a downward resistance line. Few weeks ago price broke downward resistance to the upside. Price tested monthly resistance and faced rejection to move back below downward resistance. We can see two W patterns and this provides us two targets.

W > We saw deceleration of price for 7 weeks before price dropped.

D > Deceleration found support with an upward support trend line and its break gave us bearish confirmation. Price returned back to test trend line as resistance now and has started a downward move.

As per COT EUR saw closure of more Long than Short, reducing net positions; EUR was very weak for the said week. EXY was positive last week though it reached resistance level and dropped.

4H > Price moved up to test trend line now as resistance and has started downward move creating LL.

Pair Correlation > EURUSD has positive correlation with AUDUSD, XAGUSD, AUDJPY and EURJPY and 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 you can share your view and ask questions.

Thank You
AP17FX