EUR/USD: Bears Likely To Get Disappointed Soon

EUR/USD
+2.12%

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EUR/USD Daily Chart

• EUR/USD bulls are trying hard to get a strong buy signal bar today, closing on its high. This would be a second entry buy on the daily chart and a double bottom with the October 21 low.
• This is disappointing for the bears, but it is still the first good-looking bull close since October 26. This means there will likely be sellers above, and the upside will be limited.
• Today is a reminder that the market is still in a trading range and that bears are scalping. If the bears were genuinely eager to sell here, the market would be racing down.
• Bulls still need to do more here, and today’s close could look very different than it does now (a big bull bar near its high).
• Today is a reminder that the market is still in a trading range, and the market will likely get above the October or September highs sometime in the next month or two.
• Overall, today will likely disappoint the bears. However, it will probably not close on its high, which would also disappoint the bulls.

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