2.7 C
New York
Thursday, April 22, 2021

EUR/USD: Higher Chance Of Big Trend Up Or Down Today

Must read

Nuvve vs. Blink: Which EV Charging Stock is a Better Buy?

Stock Markets12 minutes ago (Apr 22, 2021 09:31AM ET) (C) Reuters. Nuvve vs. Blink: Which EV Charging Stock is a Better Buy? After an impressive rally...

Constellation Disrupts Blockchain With Revolutionary Tokenomics

Sign In/Free Sign Up 0 Cryptocurrency12 minutes ago (Apr 22, 2021 09:30AM ET) Constellation Disrupts Blockchain With Revolutionary Tokenomics Have you ever wondered what's the...

Huobi affiliate launches Bitcoin, crypto mining fund

Cryptocurrency12 minutes ago (Apr 22, 2021 09:30AM ET) Huobi affiliate launches Bitcoin, crypto mining fund Huobi Asset Management, an affiliate of leading crypto exchange, Huobi, has...

Member tells MPC Oct strategy to flatten bond yield curve a flop show

Government bond yields have continued to edge higher throughout 2021 amid concerns over a large supply of government bonds and inflation.

The EUR/USD broke above the double top of a 3 week trading range yesterday. The bar was a bigger bar so it might soon attract profit takers. However, after 6 consecutive bull bars, the bulls will buy the 1st pullback. They are hoping it is a measuring gap for a 200 pip measured move up.

EUR/USD Chart

EUR/USD Chart

A trading range is a Breakout Mode pattern so there is a 50% chance of the breakout reversing down. Furthermore, a trading range late in a bull trend is a candidate for a Final Bull Flag. Therefore, even if the rally reaches the target, traders will look for a reversal down.

The past 6 days were bull days. While this is extreme and therefore climactic, it is a sign of strong bulls. Many bulls will buy the 1st 1 – 2 day pullback. Traders will want to see at least a micro double top before concluding that this breakout is failing.

Overnight EUR/USD Forex trading

The 5 minute chart of the EUR/USD Forex market has been in a tight trading range overnight. It is within yesterday’s range and oscillating around yesterday’s close and today’s open. It is the follow-through day after yesterday’s breakout. As long as today does not have a bear body, traders will expect at least a small 2nd leg up.

However, if there is even a 1 pip bear body, traders will begin to wonder if the breakout will fail. If it is a bear bar with at least a 20 pip body and a close on its low, the odds will shift in favor of a failed breakout.

Today will probably remain small and sideways, but its close will be important. So far, day traders have been scalping for 10 pips. But because follow-though bars can affect the direction of the next few days, there is an increased chance of a big trend day up or down.

EUR/USD: Higher Chance Of Big Trend Up Or Down Today

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

Nuvve vs. Blink: Which EV Charging Stock is a Better Buy?

Stock Markets12 minutes ago (Apr 22, 2021 09:31AM ET) (C) Reuters. Nuvve vs. Blink: Which EV Charging Stock is a Better Buy? After an impressive rally...

Constellation Disrupts Blockchain With Revolutionary Tokenomics

Sign In/Free Sign Up 0 Cryptocurrency12 minutes ago (Apr 22, 2021 09:30AM ET) Constellation Disrupts Blockchain With Revolutionary Tokenomics Have you ever wondered what's the...

Huobi affiliate launches Bitcoin, crypto mining fund

Cryptocurrency12 minutes ago (Apr 22, 2021 09:30AM ET) Huobi affiliate launches Bitcoin, crypto mining fund Huobi Asset Management, an affiliate of leading crypto exchange, Huobi, has...

Member tells MPC Oct strategy to flatten bond yield curve a flop show

Government bond yields have continued to edge higher throughout 2021 amid concerns over a large supply of government bonds and inflation.

Wall St to open flat as earnings roll in; jobless claims fall

Stock Markets22 minutes ago (Apr 22, 2021 09:20AM ET) (C) Reuters. FILE PHOTO: A U.S flag is seen on the New York Stock Exchange in...