Forex analytics and overview
EUR/USD Will Likely Try To Rally Today
2022.04.18 16:50
EUR/USD Daily Chart
- The EUR/USD traded below Friday’s low and will probably try and rally today.
- Bears broke below the March 7 low last Thursday (April 14). However, the bears failed to close below March 7.
- Bulls will likely give up here soon, and the market will begin to go sideways to up.
- Bulls will buy here, betting that the market will not fall below the April 14 low and will form a micro double bottom with a bull bar closing on its high.
- Bulls also have a credible buy signal bar with the April 13 high, so the market will probably have to get back to it. This is because bulls likely bought April 13 high and were willing to buy below the bar as well, confident they could exit back at the April 13 high.
- Bears hope that last Friday is a pullback from the bear breakout. While this is possible, it is less likely than the failed bear breakout below the March 7 low.
- Traders should look for the market to close as a bull trend today. This means that bulls will look to buy any weak bear sell-offs during the day session, as well as look to buy any strong bull breakout with follow-through.
