Wednesday, August 17, 2022

EUR/USD Deciding Between Bull Breakout Or Double Top Selloff

-


EUR/USD Daily Chart.

– is still deciding between a bull breakout of the bear flag or a double top selloff back to the March low.

– Currently, the market is around the midpoint of the March trading range, which means the market is in breakout mode, and the probabilities are close to 50% for both bull and bears.

– Right now, the odds favor the bulls getting their bull breakout above the bull flag (probability is not 60%, though). This is because the market broke below a bear channel, so the market will have to test the top of the bear channel.

– While the bears have a double top with March 21 being the signal bar, it is possible that those bears may give up quickly.

– The past three days have been weak follow-through for the bears, which will likely cause more and more bears to give up. This means that there is potential for a bull breakout that reaches the March 21 high in the next few trading days.

– The bears need to get a strong bear close soon to convince traders to sell more betting on the double top.

– Overall, sideways is most likely over the next few trading days.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

FOLLOW US

0FansLike
3,433FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories