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EUR/USD: More Sideways Trading Expected

EUR/USD had a strong reversal over the past two days following the two consecutive bull bars ending on Mar. 9.

The bulls successfully tested the 3-month trading range low and quickly reversed down. 

While the bears want the reversal down from Mar. 10 to be a measuring gap with the 3-month trading range and lead to a measured move down, the odds are the market will go sideways to up.

This means the odds are that the 3-month trading range will likely become a final flag reversal up. What traders do not know is how long that will take. The market could go sideways at this price level for a long time before reversing up and testing the highs of 2021.

Bulls are hopeful that today will be a strong bull close and become a breakout pullback following the two consecutive bull bars last week. More likely, the market will continue sideways over the next couple of days.  

EUR/USD Trading Range
EUR/USD Trading Range

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