DislikedI'm seeing strong buying at these levels, can any experienced traders confirm this pleaseIgnored
Problem is, we hit that downtrendline from the 1.428 peak, per my earlier chart, which will be no easy cookie to crack. Good news is that sellers appear to be fewer at the 1.367 peak, leaning to the overall shift that many have identified here of power shifting back to the bulls after the 850+ pip run down. Well positioned bears are quite happy with that and will concede territory and upwards retrace to the bulls now, until bears deem they're potentially able to short once again for another run down.
But, both groups will depend on fundamentals to get us there, and, like I mentioned, if the swing to optimism and Irish salvation is back on for now, the sentiment may change. Like Cloggie said, each side is planning their next strategy, and frankly, it could go either way once we get ~200 pips from here.
Volume is falling off now, so the equilibrium between bulls & bears is not as much a significant measurement; I see us closing above 1.358, which is now the 2nd day off the 1.345 low and hold promise for the bulls. (I am anticipating ~70 pips higher close.) Asia will be interesting and potentially telling ... a DPP test would not surprise me. One trading day left though, and Fridays lately don't leave many questions answered; while I think 1.39 is still the possible decision point for bulls/bears, that will have to wait until next week. Unless of course something fundamental is rolled out of the closet.
Attached Image (click to enlarge)
