Forex Opinion & Analysis

EUR/USD: Bulls Will Likely Get A Rally On The Daily Chart Lasting Several Months

 

EUR/USD
-0.68%

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.

On the EUR/USD:

– The bulls are trying to keep the Oct. 18 breakout gap open. At the moment, it is a measuring gap, and the bears need to get a close below the Oct. 18 high for traders to agree that the gap has closed.

– The bears have a four-bar micro channel, increasing the odds of a second leg down.

– There were buy-the-close bulls that bought the Oct. 26 close and likely scaled in lower. While the market will probably test the Oct. 26 close soon and let those traders out break-even, some of those bulls are disappointed enough that they may try and exit break-even on the entire trader on any bounce.

– The bears hope the rally up to Oct. 26 is a large second leg trap in a bear channel. Those bears want a selloff that led to a breakout below the September lows. The selloff will likely lead to buyers below, and the downside will be limited.

– The bulls had a higher low major trend reversal on Oct. 13. However, the channel down was tight. This increases the odds that the market might have to get down to the Oct. 13 low and form a double bottom higher low major trend reversal before the market can go much higher.

– Overall, the bears, have been in a channel since mid-2021, and the odds favor this bear channel is evolving into a trading range. For this to happen, the bulls will likely get a rally on the daily chart lasting several months.

Source

Похожие статьи

Добавить комментарий

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Кнопка «Наверх»