EUR/USD Reverses Lower

EUR/USD
-1.05%

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EUR/USD Daily Chart

• The EUR/USD bears got follow-through yesterday in the form of a bear bar closing on its low.
• This morning is a follow-through after yesterday’s bear reversal bar, and the market is testing the moving average.
• The market reversed sharply from the 1.1000 Big Round Number.
• It was reasonable for bulls to exit below yesterday’s bear reversal bar, especially because of how extended this channel is. Also, the odds favor a couple of legs down and a test of the moving average.
• Most bulls want to buy lower and after a couple of legs down.
• At a minimum, the market will probably get below the January 31st higher low. The reason is that February 1st was likely exhaustion, therefor the market will likely test below it.
• Overall, traders should expect at least a couple of legs sideways to down.

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