🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

EUR/USD Market at February 1 Close

Published 04/12/2023, 09:29 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
-

EUR/USD-Daily Chart

  • The EUR/USD reversed up from the April 10th failed bear breakout and is now at the February 1st close. I have been saying the market would probably reach the February 1st close and allow the scale-in bulls to get out.
  • It was reasonable to buy the February 1st close if a trader was willing to use a wide stop and scale in lower.
  • Traders will pay attention to what happens at the February 1st close. If the market breaks far above it, that will be a sign that more traders were buying at the retest of the February 1st close, increasing the probability of higher prices. If the market reverses down from the February 1st close, it will increase the probability that the market is in a trading range.
  • Most traders should wait for a clear upside breakout with follow-through above the February range before buying.
  • The bears need a decent sell signal bar around the February 1st close. This would be a sign of a failed breakout of the February high and increase the probability of a pullback to the middle of the two-month trading range.
  • Overall, traders will pay close attention to today’s bar to see if it closes on its high or gets a deep pullback.

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.