EUR/USD Trades Above Moving Average

EUR/USD
+0.19%

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EUR/USD Daily Chart

• The EUR/USD continues to go sideways in a tight trading range just above the moving average.
• The bears are breaking the bull trend line by going sideways instead of getting a downside breakout. The market may continue sideways in a tight trading range until it reaches the moving average below.
• The market has been away from the moving average for over 25 bars. This climactic behavior will make it difficult for the market to get a successful breakout to a new high without reaching the moving average.
• If the bulls break above the Dec. 15 high, the market will likely fail at a new high and reverse back down to the moving average.
• Overall, traders should expect the market to continue going sideways to the moving average.

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