I must forewarn you all, I see a lot of pending buy orders building up in the Order Book! It could be a large percentage of these orders are from buyers seeking to add to their positions and preparing to defend themselves against sellers in the process.
If those pending buy orders get triggered, we could potentially see a massive breakout to the upside. On the other hand, it could turn out to be a bull trap, as there are a number of sellers building positions above them. Nobody is safe in this market!
We are bearish at the moment, but not enough to boast about it.
Remember, USD took a massive hit and is still far from recovering.
I'm not saying bears can't push this down further. All I am saying is we need to proceed with caution!
But also note there are plenty of sellers lining up on the way down (see orange colored data), and not so much buyers. If those sell orders get triggered, then it is highly likely we will see a deeper retracement.
Are bears finally going to turn the tables on bulls and regain control of EURUSD? Time will tell!
Image Source
If those pending buy orders get triggered, we could potentially see a massive breakout to the upside. On the other hand, it could turn out to be a bull trap, as there are a number of sellers building positions above them. Nobody is safe in this market!
We are bearish at the moment, but not enough to boast about it.
Remember, USD took a massive hit and is still far from recovering.
I'm not saying bears can't push this down further. All I am saying is we need to proceed with caution!
But also note there are plenty of sellers lining up on the way down (see orange colored data), and not so much buyers. If those sell orders get triggered, then it is highly likely we will see a deeper retracement.
Are bears finally going to turn the tables on bulls and regain control of EURUSD? Time will tell!
Image Source
You don't know because you don't ask.
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