EUR/USD Heading Into Breakout Mode?

EUR/USD forex market daily chart

  • Yesterday might be the 2nd leg sideways to up from the Mar. 9 wedge bottom for EUR/USD. If so, today could be forming a double top bear flag.
  • Because of the wedge on the weekly chart (see last weekend report), the market should reach the Nov. 4 low at some point, before breaking above the January high.


Overnight EUR/USD forex trading

EUR/USD forex market 5-minute chart

  • EUR/USD was trending down in the overnight session, and reversed most of yesterday’s rally. Since it’s in a bear channel, bears prefer to sell rallies, and many are now scalping.
  • Since it’s now in a Spike and Channel Bear Trend, bulls are willing to buy reversals up for scalps.
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