After weeks and weeks of selling pressure, it looks like we are now beginning to see a market correction and new structure form. The previous monthly candle closure suggests the bulls may be ready to kick in and drive the price up. We are also seeing rejection on the daily time frame from the key level of 1.81500 marked indicating failure to close below, this may suggest that price is getting ready for its next bullish move. Looking into the lower time frames we are seeing a bullish flag form, if we manage to break out of this formation we may see a rather aggressive move up. Although my analysis is showing many confluences for a bullish move we cannot be set on one bias especially with the current market conditions, I have illustrated and noted the areas I am interested for either a sell or a buy depending on how the price develops.
My COT Data source is showing that 58.7% of commercial players are long on this pair
My COT Data source is showing that 58.7% of commercial players are long on this pair
