EUR/USD bulls are trying to get consecutive trend bars and trend resumption up and a test of the April 18 high.
Bulls are hopeful that today will be a bull trend bar closing on its high, which would increase the buying pressure of the bulls.
So far, the bulls have done an excellent job keeping the measuring gap open from the May 5 high to the May 25 low. This increases the odds that the market may get a measured move from the June 13 low to the May 5 high.
Bears hope any upside breakout of the current tight trading range will lead to a wedge top and a couple of legs back down. Those bears ultimately hope that the market will form a double top with the April 24 high and test back down to the June 13 low, but that is unlikely.
The April 24 high is a major lower high, and the bulls need to get above it. That would increase the odds of the market being in a bull trend or a trading range. Ultimately the bulls probably need to get above the March 31 high.
Overall, the bulls want consecutive bull trend bars and a successful upside breakout, and the bears want to prevent the bulls from getting a decent trend bar today. The bears will try to avoid a close above the 12-bar tight trading range.
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