As we can see from the chart, EUR is garnering bearish momentum. From COT reports there has been a significant drop in net long positions due to fears of price asset bubble and general dollar strength. The pair is now heavily oversold across all timeframes, so a pullback is inevitable.
I will be monitoring 1.20 area for a selling opportunity. You can buy into this pullback but the chance of the pair to melt down is possible.
However, the good thing is that the pair held psychological level of 1.19 and closed above it, which further strengthens the pullback theory.
What are your thoughts on this pair?
I will be monitoring 1.20 area for a selling opportunity. You can buy into this pullback but the chance of the pair to melt down is possible.
However, the good thing is that the pair held psychological level of 1.19 and closed above it, which further strengthens the pullback theory.
What are your thoughts on this pair?