- The EUR/USD pair tried to form a double top lower high major trend reversal with yesterday’s sell signal bar. However, the market formed a bull reversal bar yesterday.
- The market is forming a tight trading range, which is bad for stop entries.
- The February 1st high close is a magnet, and the market will probably have to reach it soon.
- The bears want a bear reversal bar today, which would trap the bulls into a bad buy above yesterday’s buy signal bar.
- Most traders should wait for a strong breakout up or down with follow-through. The market is deciding between trend resumption up, a breakout above February 2023 high, and trend reversal (Major trend reversal). Traders should assume the market will continue disappointing both the bulls and the bears.
EUR/USD in a Tight Trading Range Below Feb. High
