Market Overview

EUR/USD: Bulls Likely to Get Second Leg Up

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EUR/USD Daily Chart

  • The EUR/USD formed a 6-bar micro channel up to March 23rd. The odds are that the bulls will get at least a small 2nd leg up.
  • This means the bears need at least a micro double top before forming a credible sell.
  • The bears want the rally up to March 23rd to form a 2nd leg trap. This would trap the bulls into buying too high in a trading range. Next, the bears want the market to reverse down and test the March 15th low.
  • The market is in a trading range. The bulls want the trend resumption above the February high, and the bears want a successful Lower high major trend reversal. The market will likely go sideways for some time and disappoint both the bulls and the bears.

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