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EUR/USD: Bulls Likely To Test 2020 Low

ByInvesting.com
AuthorAl Brooks
Published 04/28/2022, 09:27 AM

EUR/USD Daily Chart

  • The EUR/USD closed below the 2020 Lows (green line) yesterday, and they want another bear close today.
  • More likely, today will have a close above the open (1.0560) and try and test the 20202 low (1.0636) either today or tomorrow.
  • It was reasonable to buy the 2020 low and scale in lower, which means the market could rally back to it quickly.
  • Overall, the breakout below the March – April trading range has been strong, which means the first reversal up will likely be minor, and the best the bulls can expect is sideways until they get a micro double bottom.
  • One thing to point out is that the current selloff (April 21 – 28) on the daily chart is the strongest-looking selloff since April 2021. The market may go sideways and form a bottom around this price level over the next couple of weeks and rally back to the March – April trading range.

Latest comments

Bears can test lows not bulls. Come on!
So then, what would you call bottom picking? A Bull entry in the downdraft had better be testing because he can't ever be doing so with absolute certainty and everybody has a different risk tolerance. I don't care how cold the water is, you have to stick your toe in before you take a dive. Unless you have a crystal ball. It also depends on your timeframe and how long you intend on holding your position. Nothing goes up forever or down, but it can trend agaist you for longer than you can hang on.
probably Euro will collapsed to $0.20 and never back
EUR/USD it we continued to fall.
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