empty
 
 
28.09.2020 01:01 PM
Latest COT report (Commitments of Traders) and weekly outlook for EUR/USD

Latest COT report and weekly outlook for EUR/USD

This image is no longer relevant

According to the COT report, open interest in the euro increased and amounted to 666412 (+8238). This time, another indicator confirms the increased interest in working with the euro, the number of reporting representatives increased to 301. The leading groups of major players managed to increase their net positions (Non-Commercial p.p. 190822 (+12246); Commercial p.p. 239413 (+4254); Dealer Intermediary ch.p 420231 (+1455)), keeping preferred directions. At the same time, it should be noted that the Commercials group, which is more closely connected with the real sectors of the economy, was mainly in a wait-and-see position, while participants from Non-Commercial were more active, preferring long positions. Nevertheless, the position retained the dominance of short deals (long 577240 - short 625831) following the results of the total report.

The main conclusion

It can be concluded that while the players keep their thoughts on declining, the opponent will seek to increase their positions. However, the return of the bearish initiative will continue the downward trend and allow the bearish traders to optimistically close September.

Technical picture

This image is no longer relevant

Technically, there is a downward movement. After accumulating the potential earlier, the bears managed to emerge victorious from the long confrontation observed above 1.1740 (monthly Senkou Span A). Now, this line combined with the weekly Tenkan and the daily cross, is forming a significant resistance. Bulls' attempt to implement a full-fledged correction has not yet led to a positive result.The main downward interest of bears is now reduced to getting out of the daily cloud, consolidating in the bearish zone and forming a new downward goal.

This image is no longer relevant

The euro/dollar pair is in an upward correction zone in the smaller time frames, which has rested against the resistance of the central pivot level (1.1643). A reliable consolidation above will allow us to rise to the resistance of the weekly long-term trend (1.1689), the loss of which could change the current balance of power. On the other hand, the recovery of low (1.1612) will allow the bears to continue the downward trend; in this case, the pivot points for the decline within the day will be the support levels of 1.1600 - 1.1570 - 1.1527.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (Classical), Moving Average (120)

Evangelos Poulakis,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback