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EUR/USD: Bulls Looking To Close Week On A High Note

By Al BrooksForexMay 27, 2022 09:44AM ET
www.investing.com/analysis/eurusd-bulls-looking-to-close-week-on-a-high-note-200624969
EUR/USD: Bulls Looking To Close Week On A High Note
By Al Brooks   |  May 27, 2022 09:44AM ET
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EUR/USD Daily Chart
EUR/USD Daily Chart

Note, I am traveling, so I am typing the report early, 5 hours before the day session opens.

  • Today is Friday, so weekly support and resistance are important.
  • It looks like this week will be a big bull bar closing near its high, and the bulls will try hard to accomplish this.
  • Since today is Friday, it is important to remember that there is an increased risk of a strong breakout up or down in the final few hours of the day. This is due to institutions fighting over the close of the weekly chart.
  • As always, EUR/USD traders should expect the market to go sideways on the open and have a lot of trading range trading.
  • If today is going to be a strong trend day, there will be plenty of opportunities to enter in the direction of the trend.  
  • Traders should also be cautious about not being too quick to enter on the open since most breakouts fail.
  • Most traders should wait for a credible stop entry, such as a micro double top/bottom or a wedge top/bottom.
  • Also, If a trader does have trouble on the open, they should consider waiting for 6-12 bars before placing a trade.
EUR/USD: Bulls Looking To Close Week On A High Note
 

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EUR/USD: Bulls Looking To Close Week On A High Note

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Comments (2)
anwar habib
anwaar May 28, 2022 2:08AM ET
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thanks alot
Johnson Omotomiwa
Johnson Omotomiwa May 27, 2022 9:51AM ET
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thank you so much Dr brooks
 
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