EUR/USD Bulls Want Breakout to the Upside
Al Brooks | Mar 20, 2023 09:35AM ET
- The EUR/USD bulls want an upside breakout of the March 15th outside down bar and a test of the February high.
- The bulls are beginning to develop a fair amount of bull bars closing above their midpoints, which is a sign of increasing buying pressure. This slightly increases the odds of an upside breakout.
- The market has been testing the bottom of a trading range for some time (January 6th low). The bears know the market will probably have to form a lower-high major trend reversal.
- Until then, the market is probably in a trading range, which means traders will expect deep pullbacks.
- Some bulls bought the February 1st close, even though it is the best-looking bull bar late in an overbought rally. These bulls will probably be able to above a loss, especially if they scale in lower. This means sideways to up is most likely at least for the next couple of weeks.
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