Increasing Bull Bars Signal Buying Pressure
Increasing bull bars closing above their midpoints suggest growing buying pressure among EUR/USD bulls. This development modestly raises the likelihood of an upside breakout.
Market Tests Trading Range Bottom Since January
The market has been probing the lower end of a trading range since the January 6th low. Bears anticipate the formation of a lower-high major trend reversal as the market is likely to remain in this range.
Traders Expect Deep Pullbacks in Trading Range
While the market is within the trading range, traders are bracing for significant pullbacks before major shifts.
Bulls Buying Amid Overbought Rally, Sideways to Up Predicted
Some bullish investors bought into the February 1st close despite it being an attractive bull bar during an overbought rally. These investors will likely avoid losses, particularly if they scale in at lower levels. As a result, a sideways to upward movement is expected for at least the next few weeks.
