EUR/USD's Breakout Below Bear Channel Fails

EUR/USD's Breakout Below Bear Channel Fails

 
EUR/USD
-0.12%

  • The Globex market rallied for a couple of legs during the overnight session. However, the rally is probably a leg in a trading range.
  • The EUR/USD bears are hopeful they will get follow-through selling today. More likely today will have a lot of trading range price action.
  • Because of yesterday’s consecutive sell climaxes, there is a 75% chance of two hours of sideways trading beginning before the end of the second hour.
  • There is a 50% chance of follow-through selling on the open, followed by two hours of sideways trading beginning before the end of the second hour.
  • Lastly, there is only a 25% chance of a strong trend day up or down.
  • Since today is Friday, the weekly chart is essential. Traders should be ready for a possible surprise breakout last in the day as traders decide to close the weekly chart.


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