- The EUR/USD is developing buying pressure, following a tight bear channel down to the August low.
- The market is testing near the July 6th buy signal bar high. This will probably act as support due to the signal bar (July 6th) leading to a strong rally.
- The channel down to the August low is in a tight bear channel. This means the first reversal will probably fail and lead to a minor reversal.
- The bulls need to show more signs of strength. First, they need to get consecutive bull closes. Ideally, the Bulls need to get a strong reversal bar closing above the past 2-3 bars.
- Overall, traders should expect the market to go sideways over the next few days.
EUR/USD Builds Buying Pressure: What's Next?
