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EUR/USD: Bulls Likely to Get Second Leg Up

Published 03/27/2023, 10:28 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • The EUR/USD formed a 6-bar micro channel up to March 23rd. The odds are that the bulls will get at least a small 2nd leg up.
  • This means the bears need at least a micro double top before forming a credible sell.
  • The bears want the rally up to March 23rd to form a 2nd leg trap. This would trap the bulls into buying too high in a trading range. Next, the bears want the market to reverse down and test the March 15th low.
  • The market is in a trading range. The bulls want the trend resumption above the February high, and the bears want a successful Lower high major trend reversal. The market will likely go sideways for some time and disappoint both the bulls and the bears.

Latest comments

Mr brooks I love your work. true analyst. for those criticizing his terminology regarding sideways and disappointing bears and bulls need to realize trading is mostly sideways. breaks out aren't every day. range trading is what kills most traders. he gives analysis based on trend not a single direction. his analysis has been consistent since Dec on eur usd
what do you mean disappoint both bulls and bears?? is it end of forex trading now?
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