EUR/USD Interesting spot.
I'd like to pick a side with certainty but unfortunately there isn't a clear picture as of now. My overall bias is bearish at this point, given the data of my Institutional Sentiment tool and current state of US politics i cant pick that side YET. The weekly time-frame shows what looks like a Double Top wanting to form while the Daily time-frame shows a new 2 year Higher Higher & close...
The institutional sentiment shows an extremely bullish EUR/USD, as everybody know all extremes are bad. We know that given previous historical data every time we get to an exposure extreme a position shift starts to occur, i believe that is the case here.
Institutional long exposure as of this day is at a 2 year high.
Technicals:
-Accumulation phase since august resulted in a 2 year higher high & close.
-Current Area is of historical importance, behavior in this area will probably determine Q1 and possibly Q2 movement.
RSI: Just off Overbought territory.
MOM: Long term Bearish Divergence.
The institutional sentiment shows an extremely bullish EUR/USD, as everybody know all extremes are bad. We know that given previous historical data every time we get to an exposure extreme a position shift starts to occur, i believe that is the case here.
Institutional long exposure as of this day is at a 2 year high.
Technicals:
-Accumulation phase since august resulted in a 2 year higher high & close.
-Current Area is of historical importance, behavior in this area will probably determine Q1 and possibly Q2 movement.
RSI: Just off Overbought territory.
MOM: Long term Bearish Divergence.
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