All I hear lately is how bearish EU is between 1750-1800…all analysts talk about 1500 or 1600 and most traders I check are short…I think the opposite and with everyone being bearish, it makes it even easier for me to be bullish at these levels. While 1800 might seem like a big resistance, this area between 1750-1800 looks like a big bottoming zone to me. Eventually, when enough people are convinced to short…price will spike up like there is no tomorrow. Next week we have FED on wednesday, which could fuel the move. What do you think everyone will expect? That FED will create another EU dump like last time…well, by that time, EU was topping, the dump was technical also…this time it might be the exact opposite. This week we had an ECB meeting on thursday, it was a very dovish meeting and yet, EU again failed to break 1750…the 1750-60 area is a strong support and demand zone. Even if it breaks before or during FED next week, I think it will be just a SL hunt and not a real longlasting move. So either way…I am staying bullish on EU, even though I feel like its me against everyone else. But I prefer it that way. 😉
p.s. We have a 2nd bullish cypher this week.