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EUR/USD: Trading Range Likely Soon

Published 05/08/2023, 09:22 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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EUR/USD-Daily Chart

  • The EUR/USD pair will likely form a trading range following the bull channel that began on March 23rd. This means that prior lower highs in the bull channel are magnets.
  • The bears must get a breakout below the moving average (blue line). Next, they need to get consecutive closes below the moving average.
  • Until the bears begin to close below the moving average, traders will assume that the bears will fail and that the market will continue to get sideways to up.
  • The bulls want an upside breakout. However, the bulls have failed to keep gaps open, which increases the odds of a trading range soon.

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