EUR/USD: Bulls Want Strong Entry Bar
Al Brooks | May 10, 2022 09:32AM ET
- EUR/USD bulls have an ii pattern on the daily chart, which is a triangle on a smaller time frame.
- This is a breakout mode pattern and may be a final flag if the market makes a new low.
- Bulls see this as a failed Low 2 (or a double bottom), and the bulls want a breakout above the neckline of May 5 and a measured move up, which would take the market back to the lows in March and April.
- Bears want any breakout test of May 5 to fail and lead to more down and for the market to ultimately reach the 2017 lows.
- More likely, the bear breakout below the broad bear channel will fail, and the market will have to test the top of the bear channel, which would be above the March 2022 high.
- Overall, bulls have the potential to get an upside breakout in the next day or so.
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