Both bull and bear case have positive arguments for themselves.
For the bulls, a beautiful hidden positive divergence is visible on the RSI. This would indicate a local bottom and we would pay attention for a rebound on the nearest support, 1.158.
On the other end, the bears needs the price to break this support and to retest it before considering going short. In that case, a potential double bottom is in play here.
On Monday, I will be looking a break and retest of 1.1635 to go long with a first TP1 at 1.174 and TP2 at 1.18. I'd go short on the break and retest of 1.158 with a TP1 of 1.144 then 1.13.
If price goes down to 1.08-1.10, this would trigger a Cypher bullish pattern on the weekly that I would post in a separate idea.
For the bulls, a beautiful hidden positive divergence is visible on the RSI. This would indicate a local bottom and we would pay attention for a rebound on the nearest support, 1.158.
On the other end, the bears needs the price to break this support and to retest it before considering going short. In that case, a potential double bottom is in play here.
On Monday, I will be looking a break and retest of 1.1635 to go long with a first TP1 at 1.174 and TP2 at 1.18. I'd go short on the break and retest of 1.158 with a TP1 of 1.144 then 1.13.
If price goes down to 1.08-1.10, this would trigger a Cypher bullish pattern on the weekly that I would post in a separate idea.
Comment:
I am a moron. This was the opposite. IF Non Commercial is net LONG, it's bearish, not the other way around.
We're out of the Non Trading area... Watching price reacting to 1.158-ish if retest.
We're out of the Non Trading area... Watching price reacting to 1.158-ish if retest.
Comment:
Seems like I was wrong at picking the right support. Price is back above the No Trade area. Thus, looking for longs now.
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