- The EUR/USD rallied after testing the July 6th buy signal bar high.
- While the bears did an excellent job with the selloff down from the July 18th high, the bars have had much overlap. This increases the odds of a trading range developing and the market going sideways.
- The Bulls got a strong entry bar following the August 3rd buy signal bar. While this bar was strong, it was more likely to lead to a trading range, with a deep pullback today.’
- The bears want to create a low 1 short with a bear bar closing on its low. However, there will probably be buyers, and the market will go sideways.
- The bulls hope to get a strong upside breakout during the U.S. session, creating another bull follow-through bar.
- Overall, the odds favor a disappointment bar today, and both the bulls and bears are getting disappointed with today’s close.
EUR/USD Likely to Move Sideways for Several Days
