This pair is rejecting the key level of 70.500 on the weekly time frame indicating potential failure to break higher. The last weekly candle closure may suggest the bears are ready to drive the price down. The previous daily candle closure was a bearish engulfing candle suggesting that price may want to start selling off on this pair. On the 4-hour time frame, we are seeing signs of a head and shoulders pattern forming again indicating that if we manage to break this we will see an aggressive sell-off. After breaking out of the ascending trend line on the hourly time frame we are now interested in looking for a sell position confirmation, If we don’t get that and price breaks above the key level of 70.0 we will look to buy into the 70.5 region.
67.7% of commercial players are short according to our COT Data source.
67.7% of commercial players are short according to our COT Data source.