🥇 First rule of investing? Know when to save! Up to 55% off InvestingPro before BLACK FRIDAYCLAIM SALE

EUR/USD: Second Leg Down After Surprise Breakout

Published 09/06/2023, 09:49 AM
EUR/USD
-

EUR/USD Daily Chart

  • The EUR/USD formed a possible second leg down following last week’s bull trap.
  • The Bears did a good job getting follow-through selling yesterday. However, today will likely disappoint the bears by forming a bull bar or a weak doji.
  • It is possible that the recent selloff over the past few days is a sell vacuum test of the May 31st low.
  • The Bulls hope they can form a double bottom with the May 31st low. To accomplish this, the bulls will need to form more buying pressure. At a minimum, the bulls need to form a micro double bottom.
  • The bulls are hopeful that they will be able to get back to the August 30th high, which is the top of the Bull Trap. While the bulls will probably return to this price level, most traders will want to see more buying pressure before they are convinced the market will reach the August 30th close.

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.