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EUR/USD: Sideways Action Likely

EUR/USD Daily Chart
EUR/USD Daily Chart
  • EUR/USD bulls want today to be a strong entry bar for the higher low major trend reversal signal bar (yesterday). Since yesterday’s signal bar was weak, the odds are the reversal will be minor and lead to more sideways.
  • Bulls hope that the last two consecutive bear bars (March 10-11) are a pullback from the rally last week that will lead to a second test of the 3-month trading range low.
  • Bulls see the 3-month trading range as a final flag and expect the price to reverse back into the range and ultimately test the February high.
  • Bulls hope that the test of the February high will look similar to the bull breakout that happened during January 31- February 4.
  • Bears want the market to form a measuring gap with the 3-month trading range, trapping scale-in bulls and leading to more down and possibly a test of the 2020 price level.
  • Since the market was able to go sideways in a broad trading range for 3 months and it was late in a year-long selloff, that increases the odds that the market will reach the middle of the 3-month trading range.

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