EUR/USD: Odds Favor Higher Prices
2022.11.28 13:11
EUR/USD – is trying to close above the Nov. 15 high as a sign of strength.
– The bears did an excellent job getting three consecutive bear bars on Nov. 21. This increases the odds that more sellers are above the Nov. 15 high than buyers.
– Even though the bears were able to get three consecutive bear bars, the market is still always in long, and the odds favor higher prices.
– The bulls are starting to collect multiple bull closes above the 2017 low, a sign of strength.
– The bears see the November rally as a test of the 2017 low. Those bears want to develop more selling pressure at the 2017 low. Next, they want a test down to the 1.000 considerable round number and the Nov. 10 low.
– The bulls have a high buy signal bar formed last Friday following three consecutive bull bars. However, the high 1 is a bear doji bar, which increases the odds of sellers above. It is also at the price level (Nov. 15) where the bulls previously failed.
