EUR/USD bulls got a strong bull entry bar yesterday after the April 19 second entry buy following the failed breakout below March 7.
Today has already gone above April 13, which was a logical area for scale in bulls to take some profits. Some bulls bought April 13, scaled in lower, and got out breakeven back at the April 13 close.
The odds are the market will reach the midpoint of the March – February trading range and ultimately break above the March high and test Bear trend line above.
The channel down from March 31 was tight, so the current rally is likely a minor reversal and will lead to more sideways than straight up.
Bulls need a strong bull close today or 2 to 3 consecutive smaller bull bars closing above their midpoints to convince traders the market is always in long.
Bears are hopeful this rally will lead to a second leg down from the March 31 selloff and a breakout below April 14.
#Al Brooks
Today has already gone above April 13, which was a logical area for scale in bulls to take some profits. Some bulls bought April 13, scaled in lower, and got out breakeven back at the April 13 close.
The odds are the market will reach the midpoint of the March – February trading range and ultimately break above the March high and test Bear trend line above.
The channel down from March 31 was tight, so the current rally is likely a minor reversal and will lead to more sideways than straight up.
Bulls need a strong bull close today or 2 to 3 consecutive smaller bull bars closing above their midpoints to convince traders the market is always in long.
Bears are hopeful this rally will lead to a second leg down from the March 31 selloff and a breakout below April 14.
#Al Brooks