EUR/USD Bulls Want a Breakout Above February High
- The EUR/USD got a strong bull close yesterday, closing above the past several days. The bull bars over the past two days are strong enough to increase the odds of a 2nd leg up and a test of the February high.
- The bulls are hopeful that any breakout above the February high will find more buyers than sellers and that the bull trend will continue.
- More likely, the market is in a trading range. This means that the odds favor sideways soon.
- Today is an important bar, and If the bulls can get another bull bar closing on its high, that would be the third strong bull close in a row. This would increase the odds of higher prices and a 2nd leg up.
- The bears do not mind if the market goes above the February high as long as the breakout above quickly reverses back down.