A possible reversal between sellers and buyers taking profits
After Eurobonds Positional Play, buyers might consider the exchanging manoeuvre from 1.20xx a good level to take profits since these levels are dangerous waters for those wanting to add longs. However, the recapture of 1.18xx is apparent, and noteworthy of how RM accounts have driven the entire leg higher from 1.16xx.
Sellers simply play a protection of resistance here at 1.185/1.186 and have a chance to win control as there will be unaware buyers still loading here at these levels thinking a blue wave is positive for markets. To the downside, a test of the 1.153x is still pending and clearly visible that it is worthy of mention.
Remember, whenever retail sees that a position is not working initially, they will aim to liquidate and put the remaining capital into a better swing. Unfortunately, all too often, tactics are used to trigger the liquidation and can become very unpleasant. I mea the sort of situation we are seeing around U.S. elections is threatening for another sharp increase in and we have covid to put the cherry on top.
Price continues to respect the Entry and Target levels of the H&S ...