EUR/USD Bears Eye Test of May Highs

EUR/USD
-0.09%

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EUR/USD Daily Chart

• The EUR/USD currency pair is currently in a state of uncertainty
• It is deciding whether to continue its upward momentum from last week’s breakout or test the May high first
• The breakout from last week appears strong enough to suggest a second leg up
• There is a chance of a pullback due to the climactic nature of the breakout
• Consecutive bearish bars have emerged over the past two days, potentially leading to selling pressure above yesterday’s high
• However, the odds still favor higher prices, and the bears may only be able to achieve a sideways movement at best
• The overall outlook is positive for the EUR/USD currency pair
• The bears are hoping that last week’s breakout was just a second-leg trap
• The probability of this occurring is low unless they can generate more selling pressure

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