The EUR/USD Bulls got a strong upside breakout last Friday. This was the entry bar for the wedge bull flag buy signal bar formed last Thursday.
Last Friday’s bull breakout is strong enough to increase the odds of a 2nd leg up.
There are likely trapped bears who sold during last Friday’s rally. Those bears got trapped during the strong rally and will probably use and pullback to exit their shorts with a smaller loss.
The odds are that the bulls will get at least a small second leg up following last Friday’s bull breakout, even if the market has a pullback first.
Overall, traders should expect a 2nd leg up, but be prepared for a possible pullback first.
By: AI Brooks, investing.com
Last Friday’s bull breakout is strong enough to increase the odds of a 2nd leg up.
There are likely trapped bears who sold during last Friday’s rally. Those bears got trapped during the strong rally and will probably use and pullback to exit their shorts with a smaller loss.
The odds are that the bulls will get at least a small second leg up following last Friday’s bull breakout, even if the market has a pullback first.
Overall, traders should expect a 2nd leg up, but be prepared for a possible pullback first.
By: AI Brooks, investing.com
Trade closed: target reached