EURUSD is at the 32.8% fib retracement, wich then holds we can see the major downtrend continuation.
If it doesn't hold then the EUR could reach for a higher position to the 23.6% fib retracement, wich it then should fall if it's about to follow the major downtrend wich it likely will.
When we see a break of the 23.6% fib retracement level then it would no longer be considered a retracement but a likely trend reversal, wich would be unlikely.
At this page( fxbootcamp.com/cot-forex-data/ ) you can see, under euro that the majority of traders are dramatically short(wich is the faded red line) against the traders who are long(wich is the faded grey line).
The red line is the trend and finaly the black line is the net measure between long and short, wich is far below the 0 level wich confirms the strong downward movement.
If it doesn't hold then the EUR could reach for a higher position to the 23.6% fib retracement, wich it then should fall if it's about to follow the major downtrend wich it likely will.
When we see a break of the 23.6% fib retracement level then it would no longer be considered a retracement but a likely trend reversal, wich would be unlikely.
At this page( fxbootcamp.com/cot-forex-data/ ) you can see, under euro that the majority of traders are dramatically short(wich is the faded red line) against the traders who are long(wich is the faded grey line).
The red line is the trend and finaly the black line is the net measure between long and short, wich is far below the 0 level wich confirms the strong downward movement.