EUR/USD: Bears Going For Wedge Bear Flag

EUR/USD Daily Chart

• The EUR/USD has two strong consecutive bull bars breaking above the March high. Bulls hope it will lead to a measured move up of the bull bars and the March bear flag, which would test the February highs.
• While the odds favor a second leg up, bears have a bear bar closing on its low. If today is a big bear bar closing on its low, bulls may exit below due to the risk of a wedge top bear flag and a test of the March low.
• Bulls will try hard to prevent today from closing on its low. There are many trading hours left, so today’s bar can look very different when the day closes.
• Yesterday’s bull follow-through bar closed above January 28 Low, closing the gap that is good for the bulls and increases the odds of the 3-month trading range acting as a final flag leading to higher prices.
• Today is the final trading day of the month, so monthly support and resistance are important.
• Last month’s low is 1.1106, which is currently the exact price of the EUR/USD. Traders should pay attention to this price level as the bulls want to close above it and the bears want to close below it.

Trading analysis offered by RobotFX and Flex EA.
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