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- The EUR/USD is getting near the January 6th low and will probably get there in the next couple of days.
- The January 6th low will likely act as support, and the market will begin to go sideways soon.
- The selloff from the February high is in a tight channel which will limit the upside.
- Bulls will need to develop more buying pressure if they are going to get a reversal up from near the January 6th low.
- The market will likely have to fall below the 1.050 price level sometime soon. This is the minimum price level for the formation of a higher low major trend reversal on the weekly chart. The bulls have a strong trendline break on the weekly chart and need at least a 30% pullback (1.050) from the February high to convince bulls to start buying.
- Overall, traders should expect the market to test close to the January 6th low and begin to go sideways.
