EUR/USD Bulls Look to Close Above MA
Al Brooks | Jun 08, 2023 09:26AM ET
- The EUR/USD is going sideways in a tight trading range just below the moving average.
- The bears have 19 bars completely below the moving average, a sign of bear strength.
- However, a tight trading range indicates a lack of momentum. Bears are happy to sell below the moving average if the momentum down justifies selling low.
- Here, the momentum does not justify selling far below the moving average. This means there are buyers not far below the moving average, and bears will likely begin to sell near the moving average.
- The market will probably have to reach the moving average and possibly close above it over the next few days. This means traders should expect a couple of days from sideways to up.
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