EUR/USD: Bottom Of A Bear Channel

  • EUR/USD is at the bottom of 3-month wedge bear channel.
  • 3 consecutive big bear days so climactic. Should get profit taking (short covering) bounce to above Mar. 9 low within a week.
  • Bulls need at least a micro double bottom for more than a 3-day pullback.
  • On weekly chart (not shown), strong magnets below at 1.16 and 1.15.

EUR/USD Daily

Overnight EUR/USD forex trading on 5-minute chart

  • The 60-minute chart (not shown), has been in a Small Pullback Bear Trend for more than 50 bars. That means the bears have big profits. Usually results in profit taking.
  • Often transitions into trading range before bouncing. Has been sideways since early yesterday.
  • On 5-minute chart, day traders have been selling reversals down, but have switched to scalping. They are now also buying reversals up for scalps, but expect a 1- to 3-day rally soon.
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