EUR/USD: Bulls Looking for a Buy Setup
Al Brooks | Nov 23, 2022 09:25AM ET
- EUR/USD bulls are trying hard to get trend resumption up and a failed bear breakout.
- Bears want yesterday to be a pullback from the 5-bar bar bear micro channel. Next, the bears want a downside breakout and test of the November 10 bull breakout.
- At the moment, the odds favor trend resumption up. While the bears have done an excellent job achieving increased selling pressure, they still have not done enough compared to the bull breakout on November 10 and 11.
- Traders will pay close attention today to see if the bulls can get a strong entry bar following yesterday’s buy signal bar. If the bulls can create a strong bull close, it will increase the odds of going sideways to up. If today’s close is weak, the odds will favor at least a small second leg down.
- Bears should not have allowed yesterday’s bar to close as it did. This tells traders that the bears probably needed one more bear bar, and they failed, which means the market is likely going higher.
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