Currency pair EUR/USD pulled back from the level 1.1215 and is now heading toward the local downtrend away from which it can pull back down. The asset is about to repeatedly test the support levels there. At this point we set to discuss interesting information about large operators.
Based on the latest data provided by COT CFTC, large operators keep shortening long positions for European currency thus pushing the net long position (Long-Short) even deeper inside the red zone. Soon it may result in breakout of the current range formed by the currency pair EUR/USD downwards. It goes exactly like with a spring – the longer you pull it, the stronger it shoots:
The price of gold managed to pull from the upper side of triangle and is now approaching its lower side that is serving as a support level. So, the lower side of a triangle is most likely to get broken down as such descending triangles are usually sorted out to the Southern side. It is noteworthy that the pullback next to the uptrend denoted by the blue lines in the chart may not even happen as the asset will potentially target the level 1220.00 after breaking the pattern:
it is easy!
There is resistance zone in the daily chart of Swiss franc, it is located between the levels of 1.0098 and 1.0128. The asset’s price has already entered this zone for many times in a row. Now, the currency pair USD/CHF is heading towards this zone away from which it can strongly pull back down:
Let us remind you that this material is provided for informative purposes only and cannot be considered as investment advice. Trading in the financial markets is very risky.