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EUR/USD Trading Range In A Bear Tend

By Al BrooksForexJul 16, 2021 12:11PM ET
www.investing.com/analysis/eurusd-trading-range-in-a-bear-tend-200591905
EUR/USD Trading Range In A Bear Tend
By Al Brooks   |  Jul 16, 2021 12:11PM ET
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EUR/USD Daily Chart.
EUR/USD Daily Chart.

– Since June 18, there have been many overlapping and sideways bars, prominent tails and many reversals. That looks more like a bear leg in what will become a trading range than a bear trend that will continue much lower.

– The EUR/USD Forex market has been in a bear channel since June 25. There is also a double bottom with the July 7 low. But until there are consecutive big bull bars, traders will continue to expect lower prices.

– Targets for the bears are a measured move down from May/June trading range, the March 31 low, and the Nov. 4 bottom of the yearlong trading range.

– Triggered a double bottom buy signal yesterday when it traded above Wednesday’s high.

– However, yesterday then sold off and closed below its midpoint. It is a weak sell signal bar.

– The bears want the selloff to continue to below bottom of the yearlong trading range.

– Although yesterday is a sell signal bar, the EUR/USD has been in a small trading range for 10 days and the signal bar is weak. There is both a double top and a double bottom. This is Breakout Mode.

– Because the trading range is in a bear trend, the bears have a slightly greater chance of a breakout below.

 

 

EUR/USD Trading Range In A Bear Tend
 

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EUR/USD Trading Range In A Bear Tend

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Comments (3)
Thunder Flash
Thunder Flash Jul 18, 2021 1:27AM ET
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Excellent interoperation of price chat thank you always learning something from you
Ezra the father
Ezra the father Jul 17, 2021 3:58AM ET
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Great ideas.
Jagdish Korat
Jagdish Korat Jul 16, 2021 12:33PM ET
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nice sir
 
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