Thursday, October 6, 2022

EUR/USD: Odds Favor Second Leg Sideways To Up

-


EUR/USD forex daily chart

After consecutive wedge bottoms on July 21, odds favor a second leg sideways to up for . If there’s a sell off for a few days, bulls will buy the selloff, expecting a higher low and a test of the start of the bear channel. That is the June 25 major lower high. 

Trading sideways for 5 days at the July 6 minor lower high makes it a Breakout Mode. Today, so far, is the 4th doji bar, making it neutral for 5 days. As such, there’s an increased chance that today will remain sideways.

Bears want a double top bear flag with the July 6 high and a break below the July low. More likely, EUR/USD will reach the June 25 lower high before breaking below the July low. Traders are deciding if it needs to test down first.

That said, could be that the Market might be waiting for Friday’s report.

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
3,514FollowersFollow
0SubscribersSubscribe
spot_img

Related Stories