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EUR/USD: Sideways Action Most Likely for Now

Published 03/14/2023, 09:22 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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EUR/USD Daily Chart

  • Bulls got a bull close completely above the moving average. This is good for the bulls and a sign that the market is transitioning into a trading range.
  • Bulls want an upside breakout above the February high and a resumption of the bull trend.
  • Bears want the market to form a lower high major trend reversal and form 2nd leg down from the February selloff.
  • More likely, the market is evolving into a trading range and will go sideways for several bars as the bulls fight for trend resumption and bears fight for trend reversal (major trend reversal).
  • Overall, the bulls have three consecutive bull bars and will probably get at least a small 2nd leg up. This will probably limit the downside for the next couple of days.

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