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Why EUR/USD Is Moving Sideways Now

Why EUR/USD Is Moving Sideways Now

The EUR/USD on the daily chart has been in a trading range for a month. There is always both a reasonable buy and sell signal. The bulls see today as a pullback from a rally from a double bottom bull flag.

EURUSD Forex double bottom bull flag and double top bear flag so breakout mode

However, today so far has a bear body and there is now a double top with the June 16 lower high. The bears hope a bear trend began on June 10. They, therefore, see yesterday as forming a double top bear flag.

The chart is in Breakout Mode. That means the bulls and bears are balanced. Traders believe that the probability for a breakout up or down is about 50%. Otherwise, the EUR/USD would not be going sideways like this.

There are always going to be things that change the probability a little in favor or the bulls or bears for a day or so. However, traders know that the market it neutral. They tend to sell near the top of the 4 week range, buy near the bottom, and take quick profits.

The breakout can come at any time. But traders know that the 1st breakout up or down will fail and reverse 50% of the time.

Overnight EUR/USD Forex trading

The 5 minute chart of the EUR/USD Forex market overnight was in a trading range that had a downside breakout. It has been in a lower range for several hours. This is a Trending Trading Range Day, which is a weak bear trend.

The EUR/USD has been in a trading range all day except during the brief bear breakout. Therefore traders have been trading it like a trading range. They are looking to buy reversals up from the bottom, sell reversals down from the top, and scalp for 10 – 20 pips. Unless there is a breakout up or down, they will continue to scalp all day.

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