Forex analytics and overview
EUR/USD: Market Testing March Midpoint
2022.04.21 16:42
EUR/USD Daily Chart
- EUR/USD bulls got a strong bull entry bar yesterday after the April 19 second entry buy following the failed breakout below March 7.
- Today has already gone above April 13, which was a logical area for scale in bulls to take some profits. Some bulls bought April 13, scaled in lower, and got out breakeven back at the April 13 close.
- The odds are the market will reach the midpoint of the March – February trading range and ultimately break above the March high and test Bear trend line above.
- The channel down from March 31 was tight, so the current rally is likely a minor reversal and will lead to more sideways than straight up.
- Bulls need a strong bull close today or 2 to 3 consecutive smaller bull bars closing above their midpoints to convince traders the market is always in long.
- Bears are hopeful this rally will lead to a second leg down from the March 31 selloff and a breakout below April 14.
