EUR/USD
-0.03%
- - EUR/USD has had a surprise bear breakout on the Daily chart
- - Three consecutive bear bars strengthen the chance of a second leg down
- - Bulls hope buyers will overcome bears and maintain May high breakout gap
- - Bears likely to close gap above May high
- - Previous day's bar not enough to turn market into bear trend
- - Bulls considering selling and testing high close, raising likelihood of trading range forming
- - Bears hope to create another strong bear breakout bar today, but unlikely to be a consecutive strong bear trend bar
- - Yesterday's activity indicates bulls taking profits above May high, anticipating second leg down and hesitant to buy first reversal up
- - Bears ultimate goal is to close gap above June 22nd high, reminding traders market is in trading range, not bull trend.
