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EUR/USD May Have Already Bottomed

ByAl Brooks
Published 10/04/2022, 09:40 AM
Updated 07/09/2023, 06:31 AM

EUR/USD Daily Chart

  • EUR/USD bulls are getting a solid reversal following the bear breakout below the September 6 trading range low.
  • Bulls have closed the breakout point gap (September 6 low), and the bulls see this as a reversal from a final Flag (blue box).
  • The first target for the bulls is the September 20 high followed by the September 12 high.
  • Currently, the market is always in long with the 5-bar bull micro channel, and the odds favor a second leg up.
  • It is possible the low for the rest of the year is in.
  • Bears want another lower high here. They do not care where the lower high is below the September 20 high and especially below the September 12 major lower high.
  • Bulls have a chance to get a strong reversal up here, and they need to capitalize on it.
  • Today will be important for the bulls. The bulls had a strong breakout bar yesterday, and they have the chance to get a strong follow-through bar today as well.
  • Even if the bears get a bear close today, the odds still favor higher prices, but it will be a subtle sign of disappointment and trading range price action.
  • Overall, the market has been in a bear trend since the middle of 2021. The odds favor a rally leasing several months and a large trading range forming on the daily chart.

Latest comments

Short $USD for quick trade
winter is coming
euro could lose another 10%
some.upside consolidation short term first
Guys no need for a chart, just turn on the TV or radio, or open a newspaper.
Pure technical charting is bad, no mention of news, macro, fundamentals or anything else? Just drive by the rearview mirror and trade based on what other chartist's staring like monkeys at their 6 screens. Yikes! There's some wars going on and an energy crisis in Europe lol. And Italy messed up and Germany footing it's debt.
Much of the time you can actually see how the market is positioned just by looking at price action and volume. Technical traders use news items to confirm what they see in the charts. It may also be assumed that if you're reading this, you already have done your due diligence.
You have such a nice trend line and we are far away from bottom
The market is closer to legging down than up
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