EURUSD

From the weekly and daily point of views, after the price above the ranging market, price pushing to the upside without any proper retest, and we can expect a deeper retracement to the potential support and this structure area is correlated with 78.6 FIB level.

From the COT perspective, big players are still bullish bias on the EUR, net positions from 32k become 81k, this can tell us that they are actually bullish bias on the EUR in the longer-term. Moreover, they are closing 6k of short and 600 of long in the latest week, this implied that during the EU push to the upside they are accumulating their short positions in order to sell at a higher price. Also, we have potential double top pattern on the daily timeframe, a deeper retracement to the downside is expected

The proper way to approaching this pair should be waiting for the market shift to the bearish environment from the bullish environment, then only can looking for short opportunity, shorting at current price just based on the double top pattern is not a good choice, because the price may continue to push to the upside since the overall market environment is still bullish.

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