Might Expect a correction of the Bull run

2020年8月14日

In this pair we have a very interesting situation. On the Monthly time frame we see that price is actually kissing a Trend line that has been rejecting price. The situation is more interesting than it seems because there is a very huge confluence there. And the confluence is as followed:

• Price is a major Trend line
  
• Showing signs of rejection because of a monthly resistance
  
• The resistance is in confluence with the Fibonacci 50%.
  
• The 5 waves seem to be completed on the daily TF
  

Know this, looking for longs is not an Option. Fundamentally speaking, The big institutions has been aggressively buying this currency (EUR) and maybe it might be time for them to take their profit on the longs. The best thing for us to do is to sit and watch. If on the lower time frame (H4), there is a change in direction, that is a change from bullish drive to a bearish drive, then that will we will be looking for good opportunities to look for a short on the pair.

On the comment section i will show the current situation on the EURUSD Pair on the lower time frame.