Recent rally from EURUSD has now placed it in an interesting area after breaking out from symmetrical triangle.
It is at the upper trendline of a long term downward channel that has been respected 3+ times.
Could this be a zone of a potential long term short swing trade or getting ready to break the trend?
COT data on the chart is Leveraged accounts which shows a 62% short bias.
Longer term COT (Asset) shows 318,462 long vs 105,510 short which is 75% long.
Maybe a short term short followed by long term trend reversal?
Let me know your thoughts in the comments.
It is at the upper trendline of a long term downward channel that has been respected 3+ times.
Could this be a zone of a potential long term short swing trade or getting ready to break the trend?
COT data on the chart is Leveraged accounts which shows a 62% short bias.
Longer term COT (Asset) shows 318,462 long vs 105,510 short which is 75% long.
Maybe a short term short followed by long term trend reversal?
Let me know your thoughts in the comments.