EUR/USD: Further Sideways Action Likely
Al Brooks | Nov 30, 2022 09:28AM ET
- The EUR/USD tested the November 22nd buy signal bar yesterday and is trying to form a pullback buy signal today.
- Bulls will try their best to get a bull bar closing on their high today. The bears want the opposite and for today to disappoint the bulls and continue the sideways price action.
- Bulls need to show signs of strength soon, or the probability will become closer to 50% for a bull or bear breakout.
- Bears did an excellent job with the November 21 selloff. That was disappointing enough for the bulls that it increased the odds of sellers above the November 15 high and sideways.
- At the moment, the odds still favor higher prices and a measured move-up of the November 10 and 11 bull breakout; however, as stated earlier, the probability is becoming worse for the bulls with every bar that goes sideways.
- Overall, traders should expect the market to continue sideways.
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