- The EUR/USD pair is in a tight bear channel with no sign of a bottom.
- While the market is forming overlapping bars, the bulls are failing to get a strong entry bar following bull reversal bars. This will increase the odds of sideways trading.
- The first reversal up will probably fail and lead to a trading range and not a bull trend.
- While the bulls have not done enough to reverse the tight bear channel, the bulls are making money with limit orders. This increases the odds of a trading range developing soon.
- The bulls need to make money above bars. Once the bulls can make money buying above a bull bar, the odds will increase that the bear channel is now in a trading range.
- Overall, traders should expect the market to go sideways soon. However, the bulls need to do more to convince traders that the bears are losing control.
EUR/USD: Trading Range Likely
