Forex analytics and overview
EUR/USD: Bulls Want Inside Bar Closing Higher Today
2022.05.09 16:51
EUR/USD Daily Chart
- The EUR/USD now has an 8-bar tight trading range.
- Bulls see a failed bear breakout of a bear channel and ultimately expect a test bear trend line (top of the bear channel) which would be around the March 31 high.
- Bulls also want a bull breakout of the 8-bar bear flag and a measured move up (purple line) of the bear flag projecting up to 1.0812 and the April 25 high.
- The 6-bar selloff that started on April 21 is also likely an exhaustive bear breakout. This means the odds favor the market reaching the April 21 high.
- Bears hope that the April 21 bear breakout will lead to a measuring gap and several legs down, reaching the 2017 lows.
- Overall, the odds are the market will soon begin to go sideways to up, or the bulls will get an upside breakout of the bull flag.
- Bulls hope today is an inside bar closing on or near its high and that the entry bar will be a strong breakout above the May 5 neckline of the double bottom (bears see it as a bear flag) that will lead to a measured move up.
