Is the EUR/USD Planning to Jump?!
Good day!
The European currency price is again approaching a very important support level at 1.1110. Away from this level the currency pair might jump. So far, we assume that it will pull back and head up. Here we should rely on the candlestick signals:
Based on the latest data by COT CFTC, large operators are decreasing short positions and expanding the long ones. Hedgers seem to outdo them in this matter, as their net long position is already in the neutral zone:
The price of British currency is now in the support zone of 1.2428-1.2476 trying to close the trading day with a bullish engulfing. In the 4-hour chart, the asset is currently forming a fine inverse pattern:
The chart shows what’s going on with British pound in the 4-hour time frame:
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