EUR/USD: Is A Move Higher Likely?

EUR/USD has 5 consecutive bull bars after consecutive wedge bottoms, which is a high probability buy setup.

E-mini 5 Min

E-mini 5 Min

Testing the July 6 and July 9 double top so might pull back for a couple days.

Traders expect the pullback to form a higher low. They then will look for a second leg up.

If the rally breaks above that double top, the next target is the June 25 lower high.

After 9 bars in a bear micro channel on the weekly chart (not shown), this rally will probably not last more than a another week or two before pulling back. However, the odds favor sideways to up trading for at least a couple weeks.

Today is the last trading day of the week and of the month. Weekly and monthly support and resistance can be important, especially in the final hour.

The bulls want the week to close above last week’s high, which is likely.

The more the week and month close on their highs, the more likely traders will see higher prices next week and next month.

EUR/USD: Is A Move Higher Likely?

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