EUR/USD: Bears Giving Up After Another Bull Breakout
EUR/USD: Bears Giving Up After Another Bull Breakout
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EUR/USD Daily Chart
EUR/USD bears gave up yesterday, and bulls got a big bull trend bar.
Yesterday was a strong enough bull breakout to increase the odds of a second leg trap and a test of the June 9 high.
The market got close to the June 1 breakout point low yesterday and sold off just under it. The market will probably have to reach it soon.
While yesterday has a big tail on top, the body is significant, and the bar closed above its midpoint, which is good for the bulls.
Bulls hope they can get follow-through today, which would increase the odds of a rally up to the June high, April 21 high, and the March 31 high, which the market will likely ultimately reach.
Bears were able to make money selling the June 15 breakout point high, which shows weakness by the bulls. That is also a sign that more trading range price action may continue.
Bears will try their best to prevent the bulls from getting a strong follow-through bar.
Yesterday was a strong enough bull surprise that the odds favor at least a second leg up.
Since today is Friday, traders will pay attention to the open of the week, which is 1.0565.
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