From the daily perspective, price is still moving inside the support zone and resistance zone, it does not have any opportunities for this pair unless the price will break out one of the directions.
From the COT perspective, hedge funds are still bullish bias on EUR, and from the longer-term perspective, the total of long positions (167k) is greater than the total of short positions (95k), but if look at their recent perspective on the EUR, short is added, and long is closed, in this case, I expect EUR will be a little bit weak and continue moving in a sideway in the following week unless hedge funds start to increase massively of the long position in EUR.
The proper way to approaching this pair should be waiting for the daily price break and close either one of the directions I identify just now if the price manages to do it and retest, then I switch to 4H to monitoring the long/short confirmation, if there have shown one of the valid rules of me, I will take a nice position in EU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge funds are still bullish bias on EUR, and from the longer-term perspective, the total of long positions (167k) is greater than the total of short positions (95k), but if look at their recent perspective on the EUR, short is added, and long is closed, in this case, I expect EUR will be a little bit weak and continue moving in a sideway in the following week unless hedge funds start to increase massively of the long position in EUR.
The proper way to approaching this pair should be waiting for the daily price break and close either one of the directions I identify just now if the price manages to do it and retest, then I switch to 4H to monitoring the long/short confirmation, if there have shown one of the valid rules of me, I will take a nice position in EU with a good risk-reward.
Remember, always react to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.