EUR/USD Bulls Hope to Maintain May High Breakout Gap

EUR/USD
-0.06%

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EUR/USD-Daily Chart

• – EUR/USD has had a surprise bear breakout on the Daily chart
• – Three consecutive bear bars strengthen the chance of a second leg down
• – Bulls hope buyers will overcome bears and maintain May high breakout gap
• – Bears likely to close gap above May high
• – Previous day’s bar not enough to turn market into bear trend
• – Bulls considering selling and testing high close, raising likelihood of trading range forming
• – Bears hope to create another strong bear breakout bar today, but unlikely to be a consecutive strong bear trend bar 
• – Yesterday’s activity indicates bulls taking profits above May high, anticipating second leg down and hesitant to buy first reversal up 
• – Bears ultimate goal is to close gap above June 22nd high, reminding traders market is in trading range, not bull trend.

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