From price action, we can see that price had rejected from Monthly Resistance perfectly and became bearish. However, In daily time frame, price had rejected from the previous "resistance turns support" area. Thus, we might wait for a long signal at the said area. If the price breaks the area, we might react accordingly to enter with short position.
However, in COT report (EUR), hedge fund has been closing many shorts and starting to get some longs which mean hedge fund might TP all their short positions and intended to buy some longs in order to turn EUR into bullish. For GBP, hedge fund has been closing both long & short positions but hedge fund had closed more long position than short position. In this situation, EUR is stronger than GBP, thus, we might see EURGBP will become bullish.
Kindly take note that my analysis is based on COT report and technical analysis.
Also, we always react to the market instead of predict the market.
However, in COT report (EUR), hedge fund has been closing many shorts and starting to get some longs which mean hedge fund might TP all their short positions and intended to buy some longs in order to turn EUR into bullish. For GBP, hedge fund has been closing both long & short positions but hedge fund had closed more long position than short position. In this situation, EUR is stronger than GBP, thus, we might see EURGBP will become bullish.
Kindly take note that my analysis is based on COT report and technical analysis.
Also, we always react to the market instead of predict the market.