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Abstract:The EURUSD formed a strong bear close yesterday below the 20-period moving average.
EUR/USD Daily Chart
• The EURUSD formed a strong bear close yesterday below the 20-period moving average.
• The bears are hopeful that today will become a strong follow-through bar, increasing the odds of lower prices. The bears will likely be disappointed by todays follow-through bar, and it will be either a bull trend bar or a bear doji bar.
• The market is around the midpoint of the December rally. Some bulls will buy here, trying to form another higher low in the bull trend that began back in October.
• While yesterdays bear breakout bar is enough to make the market Always In Short, some traders will assume that the bears need one more bar to make it Always In Short.
• Broad bull channels often have pullbacks that become Always In Short. The bulls are hopeful that this is one of those pullback that will lead to higher prices.
• Because of the nested wedge tops (see chart), the odds favor the bears getting a second leg down.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Taiwo, a 31-year-old trader from Nigeria, what started as an investment opportunity with Booc quickly turned into a harrowing experience of loss and frustration.
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