EUR/USD: Odds Favor At Least A Second Leg Down
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Please name your holdings portfolio Type: BUY SELL Date: Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission: Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close EUR/USD +0.19% Add to/Remove from Watchlist Add to Watchlist Add Position
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Please name your holdings portfolio Type: BUY SELL Date: Amount: Price Point Value: Leverage: 1:1 1:10 1:25 1:50 1:100 1:200 1:400 1:500 1:1000 Commission: Create New Watchlist Create Create a new holdings portfolio Add Create + Add another position Close
EUR/USD Daily Chart
- The EUR/USD has six consecutive bear closes, a strong enough breakout that the first reversal up will likely fail and lead to a sideways move at best for the bulls.
- Yesterday was an inside bar which triggered a L1 short below it. There may be more buying below yesterday’s L1, and the market will soon have a minor pullback.
- At the moment, the odds favor at least a second leg down after the six bear bar micro channel.
- The problem for the bears is that this is a strong bear micro channel late in a bear trend which increases the odds of exhaustion soon and the market testing up to the September 20 high.
- Bulls need to begin showing signs of strength here before traders will agree that the market is going up to the September 20 close.
- Overall, there are probably sellers above, and the market will likely have to go sideways after a reversal up that is likely to be minor.
