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EUR/USD Bulls to Get Another Leg Up

Published 03/29/2023, 09:46 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • The EUR/USD formed a High 1 buy setup on March 27th and found buyers above the bar yesterday. A high 1 buy setup after a strong breakout, such as the rally up to March 23rd, typically will lead to a 2nd leg up. This will increase the odds of higher prices.
  • This means buyers above March 27th will probably be willing to scale in lower.
  • The bears need to develop more selling pressure before they have a reasonable chance at a reversal down.
  • The bears did a good job closing the breakout point high (March 15th high and March 24th low). This increases the odds that this rally is a bull leg in what will become a trading range.
  • The market may have to get up to the February 1st buy the close bar. It was reasonable to buy it, even though it was a climactic bar and the odds favored a pullback. Also, the market never let the February 1st buy the close bulls out. These reasons above will increase the odds of the market reaching the February 1st close.
  • Overall, the market is probably going higher. However, it will likely enter a trading range soon and continue sideways.

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should we expect euro to go high?
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