Thursday, I set the lowest in light of March as a potential key level for EURUSD after the break in? below the double top that had formed during the previous weeks. (EURUSD - March Break Here Low Eyed Double Top)
With the almost complete pass, the pair seems to be losing momentum disadvantage and may even fall slightly below the 12- year low set in March.
most recent low on the 4 hour chart has not been met with a corresponding low on Stochastic while the MACD histogram continued to show falling disadvantage momentum. This divergence could be a sign of bullish early warning.
Meanwhile, the Euro rallied back to the highs of the day when it meets resistance. The resulting training which can now be emerging is a head and shoulders reversed, but this is far from complete at this stage.
It is also important to note that even though it forms only break of the neckline is a complete training and everything can often fall apart at this stage.
It is still early in this movement yet but the early signs suggest that the bears are facing a difficult task to push it below the March low. A look at the Commitment of Traders (COT) report, which is published weekly by the Commodity Futures Trading Commission (CFTC), can support the showing him that non-commercial traders bearish position was reduced last week.
Despite the net short positions between customers OANDA slightly lighten today they are net short than they were on Thursday suggesting they see a flexibility downwards. Unfortunately, as pointed out Thursday that's not necessarily a bearish sign, in fact, it could actually be considered more of a bullish than bearish indicator.
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