Forex Opinion & Analysis

EUR/USD: Bulls Need Upside Breakout Soon

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 EUR/USD Daily Chart

  • The EUR/USD had an outside up bar yesterday, closing about the November 29 high. This is good for the bulls. However, the bulls need follow-through today.
  • Outside bars are typically trading range bars, and most of them lead to sideways price action.
  • The market is still Always In Long, and the bulls still have a slight advantage in probability.
  • While it would not take much for the bears to get in control, the bulls have done an excellent job demonstrating strength with bull bars closing above their midpoints.
  • At the moment, the odds are that the bulls will get their measured move up of the November 10 and 11 bull breakout based on the bodies of the breakout bars.
  • Bears need to continue developing more selling pressure to regain control. They can do this by making the market sideways or creating big bear trend bars close near their lows.
  • Bears have a problem because the November 10 and 11 breakout bars closed above the past 60 bars.  

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