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EUR/USD: Second Leg Up Likely

By Al BrooksForexSep 29, 2022 09:59AM ET
www.investing.com/analysis/eurusd-second-leg-up-likely-200630461
EUR/USD: Second Leg Up Likely
By Al Brooks   |  Sep 29, 2022 09:59AM ET
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USD/EUR
-0.26%
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EUR/USD
0.30%
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EUR/USD Daily Chart
EUR/USD Daily Chart

  • EUR/USD bulls got a strong reversal bar yesterday. This is a strong enough surprise bar that the odds favor at least a 2nd leg up.
  • Today tested the midpoint of yesterday’s bar as traders tried to buy there with limit orders.
  • Bulls want today to have another strong bull close; however, after a six-bar bear micro channel, the bulls will likely be disappointed today.
  • Ultimately, the odds favor a test of the September high, but the market will likely have to go more sideways here first.
  • While yesterday’s bull reversal bar may be the start of the reversal up, it is more likely that the market will go sideways to up here rather than straight up.
  • Traders will pay close attention to today to see the resolve of both the bulls and bears.
EUR/USD: Second Leg Up Likely
 

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EUR/USD: Second Leg Up Likely

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Aboubaqar Mwakajitu
Aboubaqar Mwakajitu Sep 29, 2022 10:03AM ET
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