EUR/USD is in a short covering rally from it's nested wedge rally. It should get above the Mar. 9 low breakout point. It could reach the Mar. 18 high, which is the top of the most recent sell climax.
A bear flag (minor reversal) is more likely than a bull trend reversal (major reversal), unless EUR/USD breaks strongly above the Mar. 18 lower high.
EUR/USD forex daily chart
Overnight EUR/USD forex trading on 5-minute chart
- Trading above yesterday’s high, just a few pips below the Mar. 9 low.
- It should get above that low today, or this week.
- Small overnight rally from double bottom pullback.
- Breaking above the overnight trading range. During the trading range, day traders were buying and selling for scalps.
- If the bull breakout of the past hour accelerates up strongly above the Mar. 9 low, day traders will swing trade part of their long positions, and they will stop shorting.
- Bears want a reversal down from around the Mar. 9 low, but no top yet.