COT (Commitment of Traders) perspective:
The long contract sizes still dominate over the short with record highs. This indicates us that price still has space to move towards the weekly supply level.
The bottom weekly-trendline got respected 4 times and last time price received strong demand pressure. Now it is currently in an upside momentum towards the 1.16000 mark.
The weekly supply level has been respected 3 times and in short periods of time, price got rejected down towards the bottom trendline.
After price reaches the 1.60000 level, we will update our analysis.
Happy Trading!
The long contract sizes still dominate over the short with record highs. This indicates us that price still has space to move towards the weekly supply level.
The bottom weekly-trendline got respected 4 times and last time price received strong demand pressure. Now it is currently in an upside momentum towards the 1.16000 mark.
The weekly supply level has been respected 3 times and in short periods of time, price got rejected down towards the bottom trendline.
After price reaches the 1.60000 level, we will update our analysis.
Happy Trading!