EURO Ready for Confirmation
Updated
The EURO is best placed to take advantage of DXY strength after breaking out of bullish 🐂 pattern that held for weeks as hedge funds take profits and printing a bearish pattern on the Daily time frame. Gains this week can be explained by last week's CFTC COT Report update. Short positions increased to 58k just as the long positions increased to 247k.
Moving forward, price is currently testing a resistance level and battling a fibonacci level. I'll be looking for a confirmation to enter a short position.
Moving forward, price is currently testing a resistance level and battling a fibonacci level. I'll be looking for a confirmation to enter a short position.
Note
A M-formation could be printing today
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