Are we seeing the momentum that we have been waiting for for so many days?
1.012 is the last support level that needs to be broken but recent momentum suggests that more bearishness is likely. We have seen one lower high (no lower low yet) and more bearishness than in the past few months.
At the same time, this is becoming a crowded trade and many traders are looking at it which makes another squeeze likely.
As always, wait for the break of the support area and do not try to outsmart the market by front-running it.
Comments
Paul_K
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Thanks for the idea. My opinion is that NOW there is not as much momentum to break down. I am personally waiting for the test of 1,01 as possible long entry. But if the short momentum steps in, then the short is more likely.