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EUR/USD: Market Will Likely Disappoint Bears Before Day Closes

Published 09/21/2022, 09:29 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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USD/EUR
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EUR/USD Daily Chart

  • EUR/USD bears are getting their second leg down testing the September low.
  • Bulls want today to reverse up on the FOMC report and create a second entry buy.
  • Bulls see today as a higher lower major trend reversal and a truncated wedge bottom with August 23, and September 6.
  • As strong as the bears look here, the market is in a trading range and the bulls are getting a lot of consecutive bull trend bars which increases the odds of a reversal up.
  • Bears are hopeful that they can get a breakout below the September 6 low and measured move down, however the odds are against it.
  • Ultimately, the EUR/USD will likely rally soon and reach the August high.
  • The market will probably disappoint bears before the day closes.

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