- The EUR/USD has a 4-bar bear micro channel just above the 20-bar exponential moving average (blue line). This is a sign of increasing selling pressure. The bears still need to do more by getting a breakout and a bear close below the moving average at a minimum.
- The bulls have 26 bars above the moving average, a sign of a tight bull channel.
- The odds are that the channel up from the Mach 15 low will convert into a trading range and test prior higher lows.
- Overall, the market is in a tight trading range, and traders should expect more sideways to down trading.
EUR/USD: Bears Need Closes Below Moving Average
