EUR/USD: More upside ahead
Hi traders, here's today's update on EUR/USD. Please hit the "LIKE" button if you find this post useful. Also, don't forget to follow to get more trade ideas like this. Thanks!
TECHNICALS:
The EUR/USD pair broke below a H1 structural resistance but managed to return to its previous range, signaling a possible fake downside breakout. The downtrend projections and pullbacks are also showing some signs of weakness. The recent up-move on the M15 chart, and an upcoming break above 1.1775, could see a retest of the recent highs.
POSITIONING:
Futures and options positioning in the EUR remains strong (our score 10/10), with all market participants increasing their bullish bets in the previous week. The US dollar positioning remains mixed to slightly bearish, however the recent US labour numbers led to some demand in the currency. Positioning is overall supporting the EUR/USD pair.
CORRELATIONS:
US and German 2y yields are following the price nicely today and are neutral for the pair.
UPCOMING ECONOMIC REPORTS:
No major economic releases scheduled for today.
== SUMMARY ==
Given the current technical setup, my traders and I remain bullish on the pair and think the recent weakness is merely a correction of the recent strong uptrend.
TECHNICALS:
The EUR/USD pair broke below a H1 structural resistance but managed to return to its previous range, signaling a possible fake downside breakout. The downtrend projections and pullbacks are also showing some signs of weakness. The recent up-move on the M15 chart, and an upcoming break above 1.1775, could see a retest of the recent highs.
POSITIONING:
Futures and options positioning in the EUR remains strong (our score 10/10), with all market participants increasing their bullish bets in the previous week. The US dollar positioning remains mixed to slightly bearish, however the recent US labour numbers led to some demand in the currency. Positioning is overall supporting the EUR/USD pair.
CORRELATIONS:
US and German 2y yields are following the price nicely today and are neutral for the pair.
UPCOMING ECONOMIC REPORTS:
No major economic releases scheduled for today.
== SUMMARY ==
Given the current technical setup, my traders and I remain bullish on the pair and think the recent weakness is merely a correction of the recent strong uptrend.
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