EUR/USD: Bounce Likely

www.investing.com/analysis/eurusd-bounce-likely-200638595

By Al Brooks | May 31, 2023 09:26AM ET

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EUR/USD

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EUR/USD Daily Chart

The EUR/USD has been in a tight bear channel for the past month.
The market is getting close to support, which increases the odds of a bounce and a couple of legs sideways to up.
Bears got trapped selling around the March 17th high, and the market is currently testing that same price level.
Traders will wonder if the market will rally from this same price level as it did around March 17th. The bears who sold at this price level were disappointed with the follow-through and were likely forced to buy back shorts. The bears will be cautious about selling at the same price level (March 17th).
The bulls hope that the market is forming a parabolic wedge bottom. However, most parabolic wedges are minor reversals. This means that the best the bulls can hope for is sideways to up. It’s possible that the market will get a strong reversal up. However, it is not likely.
The bulls need a decent trendline break of the tight bear channel and a retest of the May low. That would create a more credible bottom. This means that the odds favor sideways for the next couple of weeks.

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Comments (3)

SKY PLUS Jun 01, 2023 10:06AM ET

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I am a fan of your daily market briefing regarding EUR/USD pair. Always logic, accurate technical analysis, and clear cut recommendations.

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achugo miracle May 31, 2023 8:21PM ET

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please should I trade this now? am I to buy or sale the EUR OR USD?

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PipsMaker2023 May 31, 2023 2:17PM ET

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Thank you for guiding me and giving me confidence to trade EURUSD

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Sep 20, 2023

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EUR/USD: Bounce Likely

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