- The EUR/USD sold off yesterday after testing the April 13th close; however, the bulls bought the close of yesterday’s bear bar.
- The channel up is tight and holding above the moving average (blue line). The bears need to develop more selling pressure and get closes below the moving average, or else bulls will continue to buy at the moving average.
- The bears have strong bear closes in the rally that begins in March. This is good for the bears and increases the odds that the bull rally up will evolve into a trading range soon.
- Overall, the bears are doing a good job of causing the market to move sideways. However, they need to do more.
- The bulls want to trap the bears and get an upside breakout; however, sideways is more likely.
EUR/USD to Trade Sideways
