Price failed to establish itself above the important support / resistance level from weekly and monthly charts (the 2021 covid low). It also conicides with 21 Weekly VIDYA. VIDYA is a good dynamic support and resistance indicator.
Last week´s candle retraced and closed below. This indicates bullush weakness. Price is likely to move lower.
Also we look the sentiment data for EURUSD from Myfxbook and apply contrarian approach we see that long positions predominate the short since the start of the month. The average support of short traders is below the bulls average. The bears did have a push to 66.000 lots (that triggered the recent bull spike on 4 hrs chart) but they could maintain at those levels and short positions quickly dropped back to their normal. The bulls appear to be stronger on myfxbook sentiment data as for March. Price always moves opposite to myfxbook retail positioning. Hence I expect a bearish month with big bullish pullbacks. Overall this year is likely to be a corrective year with a triangle forming on monthly (as in 2000) along 1.00, after impulsive 2022.
FOR EDUCATIONAL PURPOSES ONLY.
Last week´s candle retraced and closed below. This indicates bullush weakness. Price is likely to move lower.
Also we look the sentiment data for EURUSD from Myfxbook and apply contrarian approach we see that long positions predominate the short since the start of the month. The average support of short traders is below the bulls average. The bears did have a push to 66.000 lots (that triggered the recent bull spike on 4 hrs chart) but they could maintain at those levels and short positions quickly dropped back to their normal. The bulls appear to be stronger on myfxbook sentiment data as for March. Price always moves opposite to myfxbook retail positioning. Hence I expect a bearish month with big bullish pullbacks. Overall this year is likely to be a corrective year with a triangle forming on monthly (as in 2000) along 1.00, after impulsive 2022.
FOR EDUCATIONAL PURPOSES ONLY.