Hi guys I hope you’re all very well.
Here’s an idea based on both technical & fundamental analysis, please enjoy.
TECHNICAL: It’s been a solid few months in the green for the Euro & a lot of traders are still quite bullish but I’m a little bit more cautious and here are my reasons.
The main reason that I’m bearish right now is the fundamentals which will be described below.
From a technical standpoint, I’m able to find some bearish indicators.
-The main indicator for me is the previous monthly candle for June showed some huge resistance.
-Another bearish indicator is the resistance being shown at one of my Fibonacci retracement levels.
-The daily stochastic is in my overbought range
FUNDAMENTAL: JPY is a go to currency in times of insecurity & market anxiety. The current situation surrounding a second Covid19 wave in both Europe and throughout the world may again create anxiety in the market.
Japan has dealt with the crisis thus far as good as any other country. This coupled with JPY being a go to currency may increase the demand of this currency.
TARGET LEVEL: 119.5
As usual, I will update immediately if my view or opinion changes in any way.
Thanks so much for reading. I hope this idea can help anyone looking for an alternative opinion. Good luck to you all 🍀
Here’s an idea based on both technical & fundamental analysis, please enjoy.
TECHNICAL: It’s been a solid few months in the green for the Euro & a lot of traders are still quite bullish but I’m a little bit more cautious and here are my reasons.
The main reason that I’m bearish right now is the fundamentals which will be described below.
From a technical standpoint, I’m able to find some bearish indicators.
-The main indicator for me is the previous monthly candle for June showed some huge resistance.
-Another bearish indicator is the resistance being shown at one of my Fibonacci retracement levels.
-The daily stochastic is in my overbought range
FUNDAMENTAL: JPY is a go to currency in times of insecurity & market anxiety. The current situation surrounding a second Covid19 wave in both Europe and throughout the world may again create anxiety in the market.
Japan has dealt with the crisis thus far as good as any other country. This coupled with JPY being a go to currency may increase the demand of this currency.
TARGET LEVEL: 119.5
As usual, I will update immediately if my view or opinion changes in any way.
Thanks so much for reading. I hope this idea can help anyone looking for an alternative opinion. Good luck to you all 🍀
