- 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.
EUR/USD: Market To Trend Up On Daily Chart, Reaching October High
