EUR/USD daily chart

  • EUR/USD has formed an expanding triangle (blue lines) and is currently setting up a lower low, a major trend reversal.
  • Bulls view the August 23-September 20 trading range as the last flag and expect a reversal to 1000, which is the middle of the trading range.
  • Bulls need a strong reversal band and consecutive strong bullish trend bands that will increase the chances of a breakout to the upside and a test of the September 12 close.
  • The bears are looking to catch the bulls here and get a measurable breakout with a breakout below the September 6 close, however they will likely fail and the market will move back to the 1000 big round number.
  • Traders will look today to see if the bulls can get a solid reversal bar that will trap the bears and force the bears to decide if they should go higher. The bears are looking to get another strong bearish trend today or at least keep the bulls from getting too close.

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