EUR/USD: Buyers Waiting Below

EUR/USD
+0.59%

Add to/Remove from Watchlist

Add to Watchlist

Add Position

Position added successfully to:

Please name your holdings portfolio

Type:

BUY
SELL

Date:

Amount:

Price

Point Value:

Leverage:

1:1
1:10
1:25
1:50
1:100
1:200
1:400
1:500
1:1000

Commission:

Create New Watchlist
Create

Create a new holdings portfolio
Add
Create

+ Add another position
Close

EUR/USD Daily Chart

• The EUR/USD daily chart had a strong bear outside a bar two days ago. While it was a surprise bar, it followed a 5-bar bull micro channel, increasing the probability of buyers below.
• Bull that bought the March 14th low got trapped, and today’s bars are testing its low.
• Most of the bulls that bought the March 14th low did not expect the selloff to fall below the March 8th low. This means there are probably sellers at the March 14th low.
• Bears want a 2nd leg down after the March 15th outside down. Most bulls hesitate to buy above March 16th because traders expect the first reversal to fail.
• If the bears get a 2nd leg down, they need signs of strength. Otherwise, today will probably form a bad Low 1 short, and the bulls will buy below it. This would create a 2nd entry buy and a possible bottom.

Source