The EURUSD Forex market on the daily chart has been in a tight trading range for 2 weeks. That range is within a month-long range, which is nested in an 8 month trading range.
It has been in Breakout Mode for several weeks. There have been small breakouts and reversals, but no big or sustained move up or down.
Traders believe that there is currently a 50% chance that the breakout will test the March 27 high and a 50% chance of a move to below the March 23 low. Traders are waiting for the breakout.
OVERNIGHT EUR/USD FOREX TRADING
The 5 minute chart of the EUR/USD Forex market has been sideways for 4 days. Day traders have been scalping.
Yesterday was a bull day closing near its high. It was an inside bar after last week’s reversal up. Even though it is a buy signal bar, there were more sellers than buyers above its high overnight.
The EUR/USD has been in a 30 pip range for 6 hours. Day traders have been looking for 10 pip scalps as they wait for a strong breakout in either direction.
EUR/USD Chart
Source
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