- The EUR/USD is trying to get another bear close below the moving average to add to the selling pressure.
- The market has been in a bull channel since March 24th, and the odds are it will transition into a trading range. This means that all of the higher lows mentioned in the chart above are targets for the bears.
- The bears still need a clear breakout with follow-through before traders conclude that the market is Always In Short.
- The bulls will see the market being below the moving average as an opportunity to buy at a discounted price, therefore, they will buy hoping for an upside breakout and bull trend resumption.
- Overall, traders should assume that the odds favor more sideways trading.
EUR/USD Likely to Continue Sideways
