As my previous analysis last few weeks, I have entered two perfect short positions in this currency pair and taken the profit because the price has reached the strong support zone in Daily time frame. In 4H time frame, the price has reached the "previous support turns resistance zone", thus, we can expect the price will be pushed to the downside again but not too much, unless the price breaks the support area in Daily time frame.
From COT perspectives, the net position is keep increasing with adding more long position than short position in the latest data. Even though the market is a bearish market, I am still believe that the strong support area may push the price to the upside.
In conclusion, the strong support in Daily time frame is a key area that we have to monitor our entry at the area. In my view, I am still believing the price will start to become bullish. Shall react to the market accordingly.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
From COT perspectives, the net position is keep increasing with adding more long position than short position in the latest data. Even though the market is a bearish market, I am still believe that the strong support area may push the price to the upside.
In conclusion, the strong support in Daily time frame is a key area that we have to monitor our entry at the area. In my view, I am still believing the price will start to become bullish. Shall react to the market accordingly.
Do drop a comment at the comment section below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.