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🔮 What to Expect with the $EURUSD for end of November '23

For now what i do know is that retail is around 87% short and even though they came out with inflation results that were negative the dollar, it didn't lure retail to start shaking out of their shorts for longs. This is why i believe the banks started pushing price back up the chart.

Isn't that interesting how that exact 15 minute demand zone was used to drive price higher!? Well this is why understanding supply/demand dynamics is so important.


Another important element to understanding price action is to know what the current theme is. What theme are we talking about? Well what is the banks doing with price at this moment?


Have a look at the #CFTC data and you'll see that 🟢 LONG positions have been the main focus of the 🐳 whales attentions. In fact when you examine the positions you'll notice that back in July longs reached maximum size which resulted in a massive sellout and profit taking. This drove price lower to the $1.05's.

Have a look here and you'll see where price was when they reached max size and what followed afterwards.

As you can see price dropped dramatically as the banks took profits on their long positions. Now price is being driven back up the chart towards some massive supply in the $1.11's. Will price make it up there? I don't know, i think in time there is a good chance of that but we'd have to monitor the charts and see what structures are being built.


For now what i do know is that retail is around 87% short and even though they came out with inflation results that were negative the dollar, it didn't lure retail to start shaking out of their shorts for longs. This is why I believe the banks started pushing price back up the chart.


So although i have a short term bias of upside I also am aware that when retail start going long the banks will want to start dropping price and this is likely to happen BEFORE supply is reached.


Keep this in mind heading into the next week and you'll be fine! More to come!





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