EUR/USD Bulls Break Out Above January High

EUR/USD
+0.15%

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EUR/USD Daily Chart

• The EUR/USD bulls got a strong entry bar following last Friday’s strong outside up bar.
• Bulls want an upside breakout above the January high; however, even if they get it, the odds favor sellers not far above.
• The daily chart has been in a bull channel since the Nov. 21 low and is likely evolving into a trading range.
• On higher time frame charts like the weekly chart, the rally from October is a strong reversal from the tight bear channel that began in early 2021.
• This reversal up on the weekly chart is still probably a minor reversal up, which means the bulls will probably need a higher lower to get a major trend reversal and a second leg up.
• This means that the EUR/USD could easily sell off 300 pips before the bulls get a higher low major trend reversal setup.
• Overall, traders should expect mostly sideways trading over the next few weeks.

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