EUR/USD: Bulls Want Yesterday’s Breakout to Be Start of Second Leg Up

EUR/USD
+0.17%

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EUR/USD Daily Chart

• The EUR/USD broke above the November 15 high yesterday and is currently trying to reverse down and has today formed a bear bar closing on its low.
• Bulls want yesterday’s breakout to be the start of the second leg up that reaches the November 10 and 11 measured move target above (1.069).
• Bears see a wedge top and want today to be a strong bear reversal bar closing on its low.
• While the odds favor a second leg up after yesterday’s bull breakout bar, if today is a bear reversal bar closing on its low, some bulls will exit below and wait for a couple of legs down.
• Overall, traders will pay close attention to today’s close and see if the bears can get a strong bear reversal bar or if the bulls can prevent the bears.

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