Positional Play
A quick update to the Euro chart here after clearing the well known ECB positioning. This was the last thing we needed to mark a significant floor; anticipation of 1.176x (Strong Support) holding has clearly applied and for those building their own positions internally, protection is defined below March lows (1.168x) while targets above come into play at 1.217x and 1.250x.
Admittedly we overshot the wave (2) slightly more than I thought, however, as has already been mentioned in the previous chart(s), we were neither tracking buyers nor sellers, rather what was essential this time around in my books, was macro positioning. What was needed was a fresh and energetic low to draw participants in before enough time elapsed for the fundamental side to materialise. If we set aside for a moment, a quick recap of the previous chart for the new readers here, this is what we were previously tracking, to set into motion the "teeing" off.
So the positioning players now have picked their sides, buyers clearly are looking to make a freeing swing towards the 1.25xx handle and post their profits for the year, while sellers are now poorly positioned in terms of risk:reward, and those looking to breakdown need it to happen in such a way as to open the next leg lower in EURUSD in 2022 and beyond. In saying this, we must not get too far ahead, the move here we are tracking is a slingshot towards the topside with Dollar under severe pressure once more.
Admittedly we overshot the wave (2) slightly more than I thought, however, as has already been mentioned in the previous chart(s), we were neither tracking buyers nor sellers, rather what was essential this time around in my books, was macro positioning. What was needed was a fresh and energetic low to draw participants in before enough time elapsed for the fundamental side to materialise. If we set aside for a moment, a quick recap of the previous chart for the new readers here, this is what we were previously tracking, to set into motion the "teeing" off.
So the positioning players now have picked their sides, buyers clearly are looking to make a freeing swing towards the 1.25xx handle and post their profits for the year, while sellers are now poorly positioned in terms of risk:reward, and those looking to breakdown need it to happen in such a way as to open the next leg lower in EURUSD in 2022 and beyond. In saying this, we must not get too far ahead, the move here we are tracking is a slingshot towards the topside with Dollar under severe pressure once more.
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