- The EUR/USD pair will likely form a trading range following the bull channel that began on March 23rd. This means that prior lower highs in the bull channel are magnets.
- The bears must get a breakout below the moving average (blue line). Next, they need to get consecutive closes below the moving average.
- Until the bears begin to close below the moving average, traders will assume that the bears will fail and that the market will continue to get sideways to up.
- The bulls want an upside breakout. However, the bulls have failed to keep gaps open, which increases the odds of a trading range soon.
EUR/USD: Trading Range Likely Soon
