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EUR/USD Likely to Continue Sideways

Published 05/11/2023, 09:23 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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EUR/USD-Daily Chart

  • The EUR/USD is trying to get another bear close below the moving average to add to the selling pressure.
  • The market has been in a bull channel since March 24th, and the odds are it will transition into a trading range. This means that all of the higher lows mentioned in the chart above are targets for the bears.
  • The bears still need a clear breakout with follow-through before traders conclude that the market is Always In Short.
  • The bulls will see the market being below the moving average as an opportunity to buy at a discounted price, therefore, they will buy hoping for an upside breakout and bull trend resumption.
  • Overall, traders should assume that the odds favor more sideways trading.

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