- The EUR/USD formed a bear bar closing on its low yesterday, following last Friday’s (May 5th) weak High 1 buy signal bar.
- At 5:00 AM PT, the bears are getting a breakout below the moving average (blue line). The bears need to close today’s bar below the moving average.
- The bigger the bear bar, the better for the bears. The Bulls will try and reverse today’s bar like they did on May 2nd.
- I have said several times that the rally up to the May high is likely a bull channel, which means that odds favor the market converting into a trading range.
- The bull channel likely began on March 24th. This means that any following higher low is a target for the bears (see chart for more details.
- Overall, traders will pay close attention to today’s close to see how determined the bears are to get the downside breakout.
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