Technical Analysis

EUR/USD: Slight Rebound Likely |

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    EUR/USD Daily Chart

    Bulls failed to get a strong entry bar yesterday following Monday’s weak buy signal bar.

    Bears want a continued selloff but will likely have difficulty breaking far below the June 23 low.

    The past five trading days look more like a leg in a trading range than a strong trend.

    Bears see the market as an overall bear channel, and they are correcting it. However, the bears’ problem is that the market is going sideways.

    Overall, the will probably bounce soon and test back into the middle of the July—August trading range. Part of the reason I think the market will bounce here is that it will likely have difficulty getting far below the 1.000 big round number.

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