- The EUR/USD Bears want the market to close below the July 6th buy signal bar low. This would be another sign that the market is in a trading range, not a bull trend.
- The selloff from the July high is already strong enough that the bears can argue that the market has been in a trading range for over a month.
- The bulls hope the market will form a double bottom with the July 6th low. Next, they want the market to create a strong upside breakout, flipping the market back to Always In Long.
- The bears hope their endless pullback from the July high will lead to a strong downside breakout. More likely, traders should expect the bears to become disappointed soon and for the market to begin to go sideways to up-testing the middle of the triangle (blue dashed lines).
EUR/USD Bears Seek Close Below July 6 Low
