EUR/USD: Micro Double Bottom, Target Below
Al Brooks | May 24, 2023 09:28AM ET
- The overnight Globex Market sold off after yesterday’s strong bear channel down.
- Today will probably have at least two hours of sideways trading since yesterday’s selloff was climactic. This means traders should expect the open to have a lot of trading range trading.
- Most EUR/USD traders should wait for 6-12 bars unless they are comfortable with limit orders.
- There is a greater than an 80% chance that a swing trade will happen before the end of the second hour. This means that traders should focus on catching the opening swing that often happens after forming a double top/bottom or a wedge top/bottom.
- Traders should expect a trading range day but be open to a possible trend day since the bears will try and get follow-through after yesterday’s bear trend.
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