- The EUR/USD is going sideways at the moving average. The bears are failing to get strong follow-through, following the January 2nd bear breakout.
- The January 2nd bear breakout is strong enough for a second leg down. However, the market is likely in a trading range, which means the bulls may get a rally before the bears get their second leg down.
- Overall, the odds favor the Bears getting a second leg down. The bears must be prepared for the market to test above the midpoint of the January selloff before they get their second leg down.
EUR/USD: Pullback Likely Before 2nd Leg Down
