- The EUR/USD sold off on Friday and tried to form a double top lower high major trend reversal on March 23rd.
- However, the channel up from the March low is tight, lowering the probability that the major trend reversal is successful.
- It is important to remember that most major trend reversals are really minor reversals that lead to more sideways trading.
- The bulls want the market to reach the February 1st close, and the market will probably have to get there soon.
- Overall, traders will pay close attention to see how this bar forms. If today is a bull bar closing on its high, that will increase the number of traders willing to buy above the bar.
- The bears want today to form a weak reversal bar, and they will try their best to keep the market from going above last Friday’s buy signal bar.
EUR/USD: Bears Seek Reversal
