🚀 ProPicks AI Hits +34.9% Return!Read Now

EUR/USD Bears Hope for Another Close Below July 6 Low

Published 08/23/2023, 09:29 AM
EUR/USD
-

EUR/USD Daily Chart

  • The EUR/USD broke below the July 6th low today and is 29 pips below it.
  • The bears hope they can get today to close far below the July 6th low, increasing the odds of lower prices.
  • The bulls will see a bear breakout below a bear channel today. They will expect the market to reverse up within a few bars. The problem with this argument is that the channel down is tight, which lowers the probability of bulls buying.
  • There is a possible negative gap between the August 3rd low and the August 22nd high, which may lead to a measured move down.
  • It is possible the market has to get down to the June 1st low before buyers come in.
  • Right now, traders will pay attention to the close of today. The bears are hopeful it will close on its low, which would signify traders selling into the bar’s close.
  • The bulls want the opposite and are hopeful that it forms a tail below the bar today and forms a close near its midpoint.
  • This would signify profit taking into the close and a lack of urgency to sell.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.