EUR/USD Daily Chart
- The EUR/USD bulls got a small second leg up from the Jan. 12 bull breakout and found sellers at the Jan. 18 high.
- While the market may continue higher in a slight pullback bull trend, more likely, the market is evolving into a trading range.
- The bears will see today’s rally as a failed breakout of the expanding triangle, and they hope for a second entry short with a bear signal bar closing on its low.
- The bears still need to create more selling pressure. Otherwise, the best we can likely hope for is sideways.
- Overall, traders will pay attention to see how today looks. The bears want a strong bear close today.
- Next, the bears will want a strong follow-through bar tomorrow to increase the odds of lower prices and a selloff back into the December trading range.