Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

EUR/USD: Bears Looking to Reach January 6th Low

Published 02/17/2023, 09:31 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • The EUR/USD is breaking out below a 9-day tight trading range, following a strong three-bar breakout. While this is good for the bears, it is getting low in a likely trading range.
  • The market will probably bounce soon. However, it may have to get closer to the January 6th low before the market bounces.
  • The market will likely need to form a higher lower major trend reversal before the bears can argue that the market is in a bear trend.
  • Bulls will try and argue that the daily chart is in a bull trend as long as the market stays above the January 6th high.
  • While this is true, the odds are the market is in a trading range and will likely reach the January 6th high, even if the market forms a lower high major trend reversal first.
  • Overall, traders should expect a bounce over the next couple of days and more sideways trading.

 

Latest comments

I bave know doubt
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.