- The EUR/USD is currently breaking below the March – April trading range.
- Bears had a double top sell signal bar on April 2, and they are hopeful it will lead to a successful bear breakout and measured move down to 1.0430, which would be below the 2020 lows. The bears ultimately hope that this selloff will reach the 2017 lows.
- Bulls are hopeful today will disappoint the bears and set up a failed bear breakout, which is more likely.
- Traders will pay close attention to today’s close. If it closes on its low, traders might be willing to sell, betting on the breakout and more down. However, if today closes as a weak bear bar, especially if it closes above the lows of the past two weeks, bears may exit, which might cause a reversal.
- Bulls hope that this current selloff is a retest of the April 19 lows, setting up a lower low major trend reversal that will test the March high and ultimately test the February highs.
- Overall, traders should pay close attention to today’s intraday price action. There is potential for a strong reversal up today or tomorrow, which would be a failed breakout of the March – April trading range.
EUR/USD: Bears Going For Breakout Below March, April
