🚀 ProPicks AI Hits +34.9% Return!Read Now

EUR/USD Bulls Hope to Maintain May High Breakout Gap

Published 07/21/2023, 09:28 AM
EUR/USD
-

EUR/USD-Daily Chart

  • - EUR/USD has had a surprise bear breakout on the Daily chart
  • - Three consecutive bear bars strengthen the chance of a second leg down
  • - Bulls hope buyers will overcome bears and maintain May high breakout gap
  • - Bears likely to close gap above May high
  • - Previous day's bar not enough to turn market into bear trend
  • - Bulls considering selling and testing high close, raising likelihood of trading range forming
  • - Bears hope to create another strong bear breakout bar today, but unlikely to be a consecutive strong bear trend bar 
  • - Yesterday's activity indicates bulls taking profits above May high, anticipating second leg down and hesitant to buy first reversal up 
  • - Bears ultimate goal is to close gap above June 22nd high, reminding traders market is in trading range, not bull trend.

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.