Hi,
let me explain my thoughts first.
The EUR/USD is in a general downtrend which is still valid. We reached 1.3 which is a great support/resistance line. As you see i tooked a short trade at 1.29965 because the price tested a previous resistance line and came back.
How do you deal with this kind of situation ?
Me personally I would not be shorting the lows on fiber for now give yourself some room to b/e . Commercials are still holding most of the longs so upward moves are likely to be fast and aggressive . Use the daily and weekly to look for possible support / resistance areas my next area for a big support to watch is 1.2873. We may not go there it is just an area on my radar for a possible bounce
From which source do you know that Commercials hold the longs?
Trend still strong, I can’t see any signs of resistance yet.
Positive news on Spanish borrowing hasn’t had any effect so far, no more major news until US markets open.
Off the Cot report. Www.cftc.gov
I am not saying don’t short I am just saying that beaware of who’s doing what in markets. Check Out some off ICT videos if you have not already
