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EUR/USD: Profit Taking At 2017 Low

By Al BrooksForexAug 15, 2022 09:26AM ET
www.investing.com/analysis/eurusd-profit-taking-at-2017-low-200628522
EUR/USD: Profit Taking At 2017 Low
By Al Brooks   |  Aug 15, 2022 09:26AM ET
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EUR/USD Daily Chart
EUR/USD Daily Chart

  • The EUR/USD is testing the middle of the July tight trading range following a selloff of the 2017 low. This is profit taking from 2017 low, and the pullback is deeper than the bulls want.
  • Bulls are being reminded here that the market is still in a trading range, not a bull trend.
  • The odds still favor higher prices, but the market could pull back below the July low before the resumption begins.
  • It would still be better for the bulls if the market sells off to the July 14 low and forms a double bottom. If the selloff that tests the July 14 low is weak, this will increase the odds of the bulls getting a successful double bottom major trend reversal and a breakout above the neckline (August 10) with bulls getting some measured move up.
  • Bears want the selloff down to the July 14 low to be strong and break far below it; however, that is not likely.
  • Overall, traders should see how today closes. Since the market is likely in a trading range, traders should expect the bears to be disappointed soon, just as the bulls were disappointed with the rally up the 2017 low.
EUR/USD: Profit Taking At 2017 Low
 

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EUR/USD: Profit Taking At 2017 Low

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