o Strong rally from wedge bottom. Bulls want strong break above March 18 lower high, and then a test of the Feb. 25 lower high.
o Strong break above March 18 lower high, would convert 3-month bear trend into a big trading range, and not necessarily a bull trend.
o 3 legs up in tight bull channel is parabolic wedge, which usually will attract profit takers.
o Wedge rally to double top in bear trend that began in January. Bears want reversal down, and break below March low, which is neckline of double top.
o Probably will turn down soon for about a week, and form a higher low after the 2-month wedge bottom. Should then get 2nd leg up.
o Trading range that began on March 9 will probably continue for at least another month.
Overnight EUR/USD Forex trading on 5-minute chart
o ii on daily chart two days ago, is a possible final bull flag. It is a magnet below. Usually a breakout above an ii final bull flag reverses down within a few days, but might have to reach March 18 high first.
o Bulls want big rally today to above March 18 high, but big bull day unlikely after ii two days ago, and mostly trading range trading for six days.
o Broke above yesterday’s high, but mostly sideways in small range overnight.
o Day traders are scalping up and down. Most of trading for 6 days has been within trading ranges.
o March 18 high is a magnet above, but rally on daily chart is near enough for double top reversal down to begin at any time.
o Big bear day unlikely since tight bull channel on daily chart.