EUR/USD: Second Leg Up Likely
Al Brooks | Sep 29, 2022 09:59AM ET
- EUR/USD bulls got a strong reversal bar yesterday. This is a strong enough surprise bar that the odds favor at least a 2nd leg up.
- Today tested the midpoint of yesterday’s bar as traders tried to buy there with limit orders.
- Bulls want today to have another strong bull close; however, after a six-bar bear micro channel, the bulls will likely be disappointed today.
- Ultimately, the odds favor a test of the September high, but the market will likely have to go more sideways here first.
- While yesterday’s bull reversal bar may be the start of the reversal up, it is more likely that the market will go sideways to up here rather than straight up.
- Traders will pay close attention to today to see the resolve of both the bulls and bears.
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