EUR/USD: Upward Trend Resumes

2022.06.09 17:01

EUR/USD Daily Chart

• EUR/USD bulls are trying to get consecutive trend bars and trend resumption up and a test of the April 18 high.
• Bulls are hopeful that today will be a bull trend bar closing on its high, which would increase the buying pressure of the bulls.
• So far, the bulls have done an excellent job keeping the measuring gap open from the May 5 high to the May 25 low. This increases the odds that the market may get a measured move from the June 13 low to the May 5 high.
• Bears hope any upside breakout of the current tight trading range will lead to a wedge top and a couple of legs back down. Those bears ultimately hope that the market will form a double top with the April 24 high and test back down to the June 13 low, but that is unlikely.
• The April 24 high is a major lower high, and the bulls need to get above it. That would increase the odds of the market being in a bull trend or a trading range. Ultimately the bulls probably need to get above the March 31 high.
• Overall, the bulls want consecutive bull trend bars and a successful upside breakout, and the bears want to prevent the bulls from getting a decent trend bar today. The bears will try to avoid a close above the 12-bar tight trading range.

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