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EUR/USD: Bears Going For Wedge Bear Flag

EUR/USD Daily Chart
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.

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