Update on previous EURUSD idea.

Now having seen the week closure and the update of the latest COT report we are beginning to see hedge fund positions move to short positions this is reflected in the decrease of open interest. It seems that the market has attempted a false breakout above the weekly resistance therefore we will look for a re entry into the channel then look for short positions. With the MACD beginning to move bearish from bullish, the stochastic indicator signalling for a bearish trend reversal and the RSI signalling overbought. We will be looking at running this with a potential of 288 pip gain.

Remember always trade with a stoploss and never risk more than 1% of your trading capital.