EURUSD possible LONG position
Updated
Bias: Long Position
Rationale:
Based on the latest Commitment of Traders (COT) report, there is a notable shift in market sentiment:
Decrease in USD Buying: The report indicates a reduction in USD buying activity against the Euro.
Reduction in Euro Short Positions: There has been a significant unwinding of short positions on the Euro.
These factors suggest a bullish outlook for the EURUSD pair, as market participants seem to be less inclined to bet against the Euro.
Trading Plan:
I am looking to initiate a long position in the EURUSD pair. My strategy involves waiting for the pair to reach a key support level identified on the chart. This approach aims to capitalize on potential upward momentum while minimizing downside risk.
Rationale:
Based on the latest Commitment of Traders (COT) report, there is a notable shift in market sentiment:
Decrease in USD Buying: The report indicates a reduction in USD buying activity against the Euro.
Reduction in Euro Short Positions: There has been a significant unwinding of short positions on the Euro.
These factors suggest a bullish outlook for the EURUSD pair, as market participants seem to be less inclined to bet against the Euro.
Trading Plan:
I am looking to initiate a long position in the EURUSD pair. My strategy involves waiting for the pair to reach a key support level identified on the chart. This approach aims to capitalize on potential upward momentum while minimizing downside risk.
Trade active
My long position is active now as it hit support level.Trade closed: stop reached
Stop loss at 1.08050
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