Bias: Long Position
Rationale:
Based on the latest Commitment of Traders (COT) report, there is a notable shift in market sentiment:
Decrease in USD Buying: The report indicates a reduction in USD buying activity against the Euro.
Reduction in Euro Short Positions: There has been a significant unwinding of short positions on the Euro.
These factors suggest a bullish outlook for the EURUSD pair, as market participants seem to be less inclined to bet against the Euro.
Trading Plan:
I am looking to initiate a long position in the EURUSD pair. My strategy involves waiting for the pair to reach a key support level identified on the chart. This approach aims to capitalize on potential upward momentum while minimizing downside risk.
Rationale:
Based on the latest Commitment of Traders (COT) report, there is a notable shift in market sentiment:
Decrease in USD Buying: The report indicates a reduction in USD buying activity against the Euro.
Reduction in Euro Short Positions: There has been a significant unwinding of short positions on the Euro.
These factors suggest a bullish outlook for the EURUSD pair, as market participants seem to be less inclined to bet against the Euro.
Trading Plan:
I am looking to initiate a long position in the EURUSD pair. My strategy involves waiting for the pair to reach a key support level identified on the chart. This approach aims to capitalize on potential upward momentum while minimizing downside risk.
Trade active:
My long position is active now as it hit support level.
Trade closed: stop reached:
Stop loss at 1.08050