EUR/USD: Market To Trend Up On Daily Chart, Reaching October High
EUR/USD: Market To Trend Up On Daily Chart, Reaching October High
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EUR/USD Daily Chart
Tuesday was a buy signal bar for the bulls on the EUR/USD and can be viewed as a high 1 or high 2, depending on how one views it.
So far, the market has gone sideways for the past 9 days creating trading range price action. This will cause more traders to bet on reversals than successful breakouts.
At the moment, the odds are that the 9 days sideways to down price action is more likely a pullback from the February 4 rally. This means the odds are that the market should attempt to get above the highs of February soon.
Bulls are hopeful that Tuesday is a higher low major trend reversal and the start of that second leg up.
Bears are hopeful this rally over the past two days is a pullback from the January/February double top, and the market will work its way down to the January lows.
The odds are that the market is going to trend up on the daily chart for a couple of months, reaching the October high.
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