EUR/USD Bulls Want a Close Above Moving Average
Al Brooks | Mar 13, 2023 09:41AM ET
- The EUR/USD is trying to get a close above the exponential moving average (blue line) and damage the argument of a bear trend.
- The market has had 24 out of 25 closes below the moving average, which is a sign of strong selling pressure. This will increase the market’s odds of transitioning into a trading range, not a bull trend.
- The bulls will probably get a couple of legs up soon, and the market will go sideways. One target for the bulls is a test of the February 14th high, which was the start of the bear channel.
- The bears will see any rally as forming a double top. Next, they will want a major trend reversal.
- The bulls will want trend resumption. However, they will need a strong upside breakout above the February high to get this.
- Overall, traders should expect more sideways trading and confusion.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.