50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

EUR/USD: Bears Seek Reversal

Published 04/03/2023, 09:24 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
-

EUR/USD Daily Chart

  • The EUR/USD sold off on Friday and tried to form a double top lower high major trend reversal on March 23rd.
  • However, the channel up from the March low is tight, lowering the probability that the major trend reversal is successful.
  • It is important to remember that most major trend reversals are really minor reversals that lead to more sideways trading.
  • The bulls want the market to reach the February 1st close, and the market will probably have to get there soon.
  • Overall, traders will pay close attention to see how this bar forms. If today is a bull bar closing on its high, that will increase the number of traders willing to buy above the bar.
  • The bears want today to form a weak reversal bar, and they will try their best to keep the market from going above last Friday’s buy signal bar.

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.