- The EUR/USD sold off and reached the May high, a sign that the daily chart is in a trading range and not a bull trend.
- The bears will probably get a second leg down after getting five consecutive bear bars on the daily chart. However, the market will probably bounce first since it is close to the May high. The bounce will likely be brief due to the bear microchannel.
- The bears want to get down to the July 12th low (bull breakout), and the bulls want to prevent this.
- Overall, traders should expect partial profit-taking by the bears and a bounce over the next couple of days. However, as mentioned above, any bounce will likely be minor, and the Bears will get a second leg down.
EUR/USD Bears Testing May High
