Forex Opinion & Analysis

EUR/USD Bears Hope for a Breakout Below May 31 Low

 

EUR/USD
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EUR/USD Daily Chart

  • The EUR/USD yesterday created a strong bull trend bar, closing above the prior bar’s high.
  • This is a sign of strength by the bulls and will increase the odds of bears buying back shorts after the sell climax test of the May 31st low.
  • The bulls see the September 14 bear breakout as an exhaustion bar and will look to buy betting on a test of the high of the bear breakout bar.
  • The bears are hopeful that the recent two bull bars are a pullback that will lead to a breakout below the May 31st low.
  • The bulls have a credible buy above yesterday’s high, which will increase the odds of a couple of legs sideways to up and a test of the moving average.

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