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EUR/USD: Important Day For Both Bulls And Bears

ByAl Brooks
Published 05/17/2022, 09:23 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • EUR/USD bulls had a strong rally during the overnight session. The market is now above the May 12 high and back into the 10-bar tight trading range.
  • As I said in the prior blog post, the odds favored a failed bear breakout below the 10-bar tight trading range, which is what is happening right now.
  • The reversal up is setting up a final flag on the daily chart, and the bulls hope this will give them enough energy to break above the May 5 high.
  • The next target for the bulls would be the bottom of the March – April trading range.
  • Bulls have a breakout just under the 20-bar exponential moving average, which will be resistance.
  • Traders will pay close attention to how today’s bar closes. Will it close as a strong bull bar closing near its high, or will it have a big tail on top, indicating selling into the close.
  • If today closes on a high, traders will be eager to see if tomorrow is a strong follow-through bar as well. This would increase the odds of the market becoming always in long and increase the probability of higher prices.
  • Overall, today will be an important bar for the bulls and bears.

Latest comments

I”m a great supporter of your ideas and and reports but when you say march or april low we have to look at the chart and on the phone is a little hard to go back to reading and back to the chart over and over I know you have been doing this fir a long time but give us numbers instead please like for example march 1.0512 or april low 1.0312 is just an example so we can read your report and then check the chart when we finish reading your idea thank you greatly i still love your report, hope you understand my comment,
You can see monthly chart.
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