This year looks like is may be bearish for EU (based on weekly analysis).
- Last quarter (2023 Q4) looks like it's a pullback after a very bearish previous quarter (2023 Q3) that took the prior two lows from a bullish run starting 2022 Q4. Long term has also been very bearish.
- 2023's bullish run left a huge imbalance in the 0.99-1.03 price range. There is also a breaker block from 2022 Q3 that looks like its been respected just above this price range.
- The last quarter's bullish run seems to end the year with a shooting star, followed by a bearish engulfing after making a lower high from from the last high at the start of 2023 Q3. 2023 Q3 high is at a major resistance level around the 1.12-1.13 price range.
Monthly thoughts (for additional long term confirmation):
- Breaker block from April 2020 being respected as resistance are currently.
- Imbalance still holds in same area as above.
- As of mid January, Jan candle looking like a hang man after bullish move to resistance area which indicates a sign of more selling to come.
- Also last high was from mid-2023 looks like inverted hammer or shooting star against wicking the resistance area. This area also lines up with a perfect rejection of the 61.8 fib level from the high in May 2021 to low in Sept 2022. If push up does happen and we break the 61.8 level then next resistance is 78.6 at 1.165-1.17 price range but highly unlikely with some of the other confluences.
Note to self:
- Look for sell setups first quarter of the year
- Last quarter (2023 Q4) looks like it's a pullback after a very bearish previous quarter (2023 Q3) that took the prior two lows from a bullish run starting 2022 Q4. Long term has also been very bearish.
- 2023's bullish run left a huge imbalance in the 0.99-1.03 price range. There is also a breaker block from 2022 Q3 that looks like its been respected just above this price range.
- The last quarter's bullish run seems to end the year with a shooting star, followed by a bearish engulfing after making a lower high from from the last high at the start of 2023 Q3. 2023 Q3 high is at a major resistance level around the 1.12-1.13 price range.
Monthly thoughts (for additional long term confirmation):
- Breaker block from April 2020 being respected as resistance are currently.
- Imbalance still holds in same area as above.
- As of mid January, Jan candle looking like a hang man after bullish move to resistance area which indicates a sign of more selling to come.
- Also last high was from mid-2023 looks like inverted hammer or shooting star against wicking the resistance area. This area also lines up with a perfect rejection of the 61.8 fib level from the high in May 2021 to low in Sept 2022. If push up does happen and we break the 61.8 level then next resistance is 78.6 at 1.165-1.17 price range but highly unlikely with some of the other confluences.
Note to self:
- Look for sell setups first quarter of the year