EUR/USD is stalling just above the moving average and will likely be unable to escape reaching it in the next couple of days.
Today’s high came within ten pips of the Dec. 13 close and sold off. This is a sign of disappointed bulls selling out of longs at the Dec. 13 close.
If the bulls thought the market would go a lot higher in the next couple of days, they would not sell during the retest of the Dec. 13 high close.
The bears will see today as a failed breakout of the 7-day tight trading range. They want to trap the bulls and get a downside breakout that will test the moving average and the Dec. 12 low.
Overall, traders should expect a second leg down to the moving average over the next few days.
Today’s high came within ten pips of the Dec. 13 close and sold off. This is a sign of disappointed bulls selling out of longs at the Dec. 13 close.
If the bulls thought the market would go a lot higher in the next couple of days, they would not sell during the retest of the Dec. 13 high close.
The bears will see today as a failed breakout of the 7-day tight trading range. They want to trap the bulls and get a downside breakout that will test the moving average and the Dec. 12 low.
Overall, traders should expect a second leg down to the moving average over the next few days.
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