- The EUR/USD formed a strong bull breakout with follow-through last week, closing above the May high.
- This is a strong enough breakout that the bulls will likely get a second leg up, even if there is a pullback first.
- At the moment, the odds favor a measured move up of the strong bull trend bars that formed late last week.
- Since the bulls have probability on their side, they must continue showing more signs of bullish strength.
- If the market begins to stall and build selling pressure, the probability can quickly fall to near 50% for both bulls and bears.
- The bears want the bulls to fail, leading to an endless pullback. However, they will need to develop more selling pressure before traders will be convinced that the bears can reverse the market.
EUR/USD Bulls Seek Second Leg Up
