The daily EUR/USD Forex chart has been in a tight range for 6 days. T this is a weak breakout above a 6-month range. Furthermore, most breakouts fail. Therefore, this breakout will probably fail and the trading range will continue on.
If the bulls get a measured move up on EUR from their head and shoulders bottom, the rally would still be a bull leg in a 2-year range. Hence, there is no sign that there will be a breakout of the 2-year range. Because it is below the monthly moving average, the odds still favor a bear breakout and a test of par within a year or two. Happy Forex Trading
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