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According to the latest CoT reports, buyers' net preponderance increased by 5% compared to the data of a week ago, which in turn, is the first sign of a possible continuation of growth on the daily time frame.
The unidirectional nature of the long-term movement of the asset's quotes confirms the decline in the locked positions of investors by 2% over the past trading week.
As a result, the total capitalization of CME Group's euro-denominated derivatives amounted to over $205 billion 653 million.
At the same time, the ratio of buyers and sellers shows a clear sign of the preponderance of the bulls: 58% of institutional investors expect continued growth and only 42% intend to increase sales of the EUR/USD asset.
EUR/USD, D1 TF:
In the daily time frame, the nearest support level is the monthly option balance (1.1887).
On the other hand, the nearest important resistance is the limit sell orders of $140 million at the price level of 1.2033
In the case of a corrective decline to the level of the month's option balance (1.1887) and the appearance of a buy pattern, it will be possible to profitably gain long-term bullish positions with the target of an increase – the level of the minimum profitability of the market maker (1.2126).
When considering the likely speculative decisions of the current trading day, we note the weekly level of the minimum profitability of the market maker (1.2039) as the nearest resistance level for today. The increase in sales positions of $75 million further strengthens it.
EUR/USD M30 TF:
If a sell pattern appears near the price level of 1.2039, a corrective decline can be expected until the trading day closes with the price pivot point – the balance of the day (1.1980).
In case of breakdown and consolidation above the price level of 1.2039, the upward movement is expected to continue towards the long-term trend with the next target – a limit sell order in the volume of $ 57 million (1.2069).
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