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EUR/USD Trying To Break Below January Lows

By Al BrooksForexJan 25, 2022 10:55AM ET
www.investing.com/analysis/eurusd-trying-to-break-below-january-lows-200615892
EUR/USD Trying To Break Below January Lows
By Al Brooks   |  Jan 25, 2022 10:55AM ET
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EUR/USD Daily Chart.
EUR/USD Daily Chart.

EUR/USD is currently trying to break below the January lows.

– The bears are hopeful they can get a strong bear close today, demonstrating more follow-through after the three-day bear breakout ending on Jan. 18. They are hopeful this selloff will break below the November 2021 lows.

– Even if the bears get below the November lows, traders will likely see the bear breakout as a final flag reversal setup and look for reasons to buy.

– The selloff from Jan. 14 is likely in a tight enough channel that the first reversal up will probably fail, and the market will have to go sideways, forming at least some kind of a double bottom.

– So far, today is a big bear bar. However, when you look to the left, it is a trading range, which makes the odds higher that something will be disappointing for the bears either today or tomorrow.

– The bears need to get a decent close today and follow through to convince traders that the selloff may reach the November 2021 low.

EUR/USD Trying To Break Below January Lows
 

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EUR/USD Trying To Break Below January Lows

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