EUR/USD: Bears Giving Up After Another Bull Breakout
Al Brooks | Jun 17, 2022 09:39AM ET
- EUR/USD bears gave up yesterday, and bulls got a big bull trend bar.
- Yesterday was a strong enough bull breakout to increase the odds of a second leg trap and a test of the June 9 high.
- The market got close to the June 1 breakout point low yesterday and sold off just under it. The market will probably have to reach it soon.
- While yesterday has a big tail on top, the body is significant, and the bar closed above its midpoint, which is good for the bulls.
- Bulls hope they can get follow-through today, which would increase the odds of a rally up to the June high, April 21 high, and the March 31 high, which the market will likely ultimately reach.
- Bears were able to make money selling the June 15 breakout point high, which shows weakness by the bulls. That is also a sign that more trading range price action may continue.
- Bears will try their best to prevent the bulls from getting a strong follow-through bar.
- Yesterday was a strong enough bull surprise that the odds favor at least a second leg up.
- Since today is Friday, traders will pay attention to the open of the week, which is 1.0565.
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