Euro remains in an upward trend, another resistance level was broken on the Daily timeframe on Friday and a breakout signal was formed. New positions from current prices are of little interest, since risk-reward ratio leaves much to be desired.
A pullback buying opportunity will appear after the end of the impulse wave and the formation of a full-fledged correction on the Daily timeframe. Trading with an adequate profit/loss ratio is possible only on smaller timeframes at the moment.
Bullish positions will remain relevant as long as the market remains above the support level of the Daily timeframe, the lows of August 15-18.
COT indicator slightly strengthened but didn’t reverse, so the general direction of COT net position indicator does not correspond to the technical condition of the market. This suggests that the probability of buying opportunities success decreases and the position size reduction in case of signals occurrence in the direction of the trend may be a good idea.