EUR/USD Bulls Hope to Maintain May High Breakout Gap
EUR/USD Bulls Hope to Maintain May High Breakout Gap
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EUR/USD
-0.03%
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EUR/USD-Daily Chart
- EUR/USD has had a surprise bear breakout on the Daily chart
- Three consecutive bear bars strengthen the chance of a second leg down
- Bulls hope buyers will overcome bears and maintain May high breakout gap
- Bears likely to close gap above May high
- Previous day's bar not enough to turn market into bear trend
- Bulls considering selling and testing high close, raising likelihood of trading range forming
- Bears hope to create another strong bear breakout bar today, but unlikely to be a consecutive strong bear trend bar
- Yesterday's activity indicates bulls taking profits above May high, anticipating second leg down and hesitant to buy first reversal up
- Bears ultimate goal is to close gap above June 22nd high, reminding traders market is in trading range, not bull trend.
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