From the daily perspective, EU has already breakout of the ranging the market, and now we may see a continuation to the upside on EU
From the COT perspective, hedge funds are bullish bias on EUR, more longs opened that short, and they already added another 7.2k of longs position on EU in the latest week, in this case, EU may push to the upside.
The proper way to approaching this pair is to waiting for the price the daily support. If the price is managed to do this, I will switch to 4h perspective looking for the long confirmation, if the 4h will provide to me one of my rules, then I will take a nice long on EU with a good RR. Otherwise, the price may break and close below this structure area, and continue in a ranging environment.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on EU.
From the COT perspective, hedge funds are bullish bias on EUR, more longs opened that short, and they already added another 7.2k of longs position on EU in the latest week, in this case, EU may push to the upside.
The proper way to approaching this pair is to waiting for the price the daily support. If the price is managed to do this, I will switch to 4h perspective looking for the long confirmation, if the 4h will provide to me one of my rules, then I will take a nice long on EU with a good RR. Otherwise, the price may break and close below this structure area, and continue in a ranging environment.
Remember, always reactive to the market instead of predictive it, this analysis is based on the technical and COT perspective.
Comment below let me know you thought on EU.