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EUR/USD: Bulls May Exit Below

By Al BrooksCurrenciesDec 06, 2022 01:29PM ET
www.investing.com/analysis/eurusd-bulls-may-exit-below-200633197
EUR/USD: Bulls May Exit Below
By Al Brooks   |  Dec 06, 2022 01:29PM ET
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EUR/USD
-1.05%
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EUR/USD Daily Chart
EUR/USD Daily Chart

  • The EUR/USD is forming a wedge top after the November 10 and 11 bull breakout.
  • Bears want two legs down at a minimum. Next, the bears want a downside breakout below the November 21 low.
  • Yesterday is a bear bar closing on its low and a possible third push-up, which is good for the bears. This increases the odds that bulls may exit below. The problem for the bears is that yesterday’s bear signal bar is part of a four-bar bear micro channel which will lower the probability for the bears and increase the odds of a second leg up.
  • Overall, traders will pay close attention to today. Bulls may buy above if today is a strong High 1 buy signal bar. However, if today is a weak high 1, such as a doji bar or a strong entry bar for the bears, that will increase the odds of the market staying below yesterday’s high for a few bars.
EUR/USD: Bulls May Exit Below
 

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EUR/USD: Bulls May Exit Below

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Comments (2)
Michael Jeremiah
Michael Jeremiah Dec 06, 2022 2:11PM ET
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I love this guy, he's so consistent in predicting the wrong direction of the market, I make money whenever I go against his idea...kudo bro...keep it up.
Ilyas Bouali
Ilyas Bouali Dec 06, 2022 2:11PM ET
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Youre an idiot he caught the bottom of eur usd and called this at 1.054 he called along above .96
ansari raju
ansari raju Dec 06, 2022 1:52PM ET
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Wednesday bull 🐂 or 🐻
 
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