EUR/USD: Further Sideways Action Likely

Published 11/30/2022, 09:28 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
-

EUR/USD Daily Chart

  • The EUR/USD tested the November 22nd buy signal bar yesterday and is trying to form a pullback buy signal today.
  • Bulls will try their best to get a bull bar closing on their high today. The bears want the opposite and for today to disappoint the bulls and continue the sideways price action.
  • Bulls need to show signs of strength soon, or the probability will become closer to 50% for a bull or bear breakout.
  • Bears did an excellent job with the November 21 selloff. That was disappointing enough for the bulls that it increased the odds of sellers above the November 15 high and sideways.
  • At the moment, the odds still favor higher prices and a measured move-up of the November 10 and 11 bull breakout; however, as stated earlier, the probability is becoming worse for the bulls with every bar that goes sideways.
  • Overall, traders should expect the market to continue sideways.

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.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.