Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

EUR/USD: Bear Break Below 2020 Low

Published 04/27/2022, 09:24 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • EUR/USD bears have had a series of strong closes on the daily chart and have broken below the 2020 low (1.0636) and want to close below it today.
  • The market is clearly Always in Short, and the first reversal up will likely be minor. While the market may have to pullback soon, the odds of a reversal are small without the market going sideways and forming at least a micro double bottom.
  • Bears want a measured move down from the March – April trading range, which is around 1.0330. This measured move projection would take the market down to the 2017 low, which is the low of the past 20 years.
  • Bulls hope this will be similar to March 7 and reverse back into the March – April trading range. The difference here is the bear bars are stronger than the March 7 sell-off, and the market is trying to break below obvious support (2020 low).
  • Overall, the market will likely bounce soon due to profit-taking, and the best the bull can hope for is a minor reversal.

Latest comments

Now you have changed the music... too late.
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.