Note-This is indicating my short on the USD/CAD not the EUR/USD
See also Commitment of traders report, in prior blog.
As Danske Bank USD/CAD stands:
Danske Bank Technical Update Thursday 23 July - 07.00 CET
USD /CAD - Buy at 1.2991 for 1.316 STOP AT 1.2905 Minor Upwards trend
Moving Averages 200 Day - 1.2700 500 Day 1.2469 2000 Day 1.2121
RSI Strength 78.13
SPOT 1.3037
Support Line 4 1.2718 Line 3 1.2779 Line 2 1.2835 Line 1 1.1.2905
Resistance Line 4 1.3065 Line 3 1.3088 Line 2 1.3012 Line 1 1.3166 DAX Futures - Look to buy lower
End of Report ----------------- For contrarian traders, this presents an opportunity when take profits are triggered. Refer to also, commitment of traders reports, you will notice that Dealer Intermediaries are 63000 Contratcs Short on the Canadian Dollar and 1300 Long on the Canadian Dollar. Assest Managers and institutional traders are Double Long over Shorts. Leveraged fun managers are almost even with longs slightly up as of July 23rd Thursday.
Please see link. For all beginner and amateur trades, this is a very useful tool for following the major players, being institutional traders, who move markets before us retail traders. Also look for what is known as the Flip, this is where Institutional traders will start taking profits from previously entered positions. This will be the beginning sign a correction from a recent trend.