EUR/USD Testing 1100 Big Round Number
Al Brooks | Feb 02, 2023 10:02AM ET
- Yesterday was a strong bull close for the bulls. However, it is climactic and likely to lead to exhaustion and sideways trading than much more up.
- The market reached 1.1000, a big round number and a magnet for the market.
- Yesterday is the best-looking bull breakout bar in several bars which will likely entice bulls to take profits and increase the odds of sideways trading.
- While the bulls want the small pullback bull trend to continue for some time, the odds favor a transition into a trading range and a couple of closes below the moving average (blue line)
- Overall, the market will probably try and test down close to the low of the year and form a trading range over the next couple of months before it rallies another 200 pips.
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