The EUR/USD formed a strong bull breakout with follow-through yesterday, closing far above the May high.
While the rally that began on May 6th is climactic, it is strong enough that the first reversal up will probably fail.
The risk is getting large for the bulls. This means that bulls will take partial profits on longs and increase the odds of the market getting pullback.
The downside is probably limited, and the best the bears can probably get is one to two legs sideways.
The bears hope to get a strong downside breakout that disappoints the bulls. The bulls will likely buy the first reversal down, and the market will get a second leg up.
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