- The EUR/USD was able to get a small second leg down below the Feb. 7 low.
- While the bears can argue that last Friday is the start of a second leg down, more likely, it is minor, and the market will need a deeper pullback before the bears can get their second leg down.
- The bears will likely need a test-up and formation of a lower high major trend reversal before the bears can get a second leg down.
- The bulls see the market as transitioning into a trading range. Therefore, they want to see a test of the top of the range (February 2nd high).
- Overall, traders should expect the market to go sideways over the next few days.
EUR/USD Sideways Movement Likely
