EUR/USD Showing Strong Rally From Wedge Bottom

EUR/USD Daily Chart.

o Strong rally from wedge bottom. Bulls want strong break above March 18 lower high, and then a test of the Feb. 25 lower high.

o Strong break above March 18 lower high, would convert 3-month bear trend into a big trading range, and not necessarily a bull trend.

o 3 legs up in tight bull channel is parabolic wedge, which usually will attract profit takers.

o Wedge rally to double top in bear trend that began in January. Bears want reversal down, and break below March low, which is neckline of double top.

o Probably will turn down soon for about a week, and form a higher low after the 2-month wedge bottom. Should then get 2nd leg up.

o Trading range that began on March 9 will probably continue for at least another month.

Overnight EUR/USD Forex trading on 5-minute chart

o ii on daily chart two days ago, is a possible final bull flag. It is a magnet below. Usually a breakout above an ii final bull flag reverses down within a few days, but might have to reach March 18 high first.

o Bulls want big rally today to above March 18 high, but big bull day unlikely after ii two days ago, and mostly trading range trading for six days.

o Broke above yesterdays high, but mostly sideways in small range overnight.

o Day traders are scalping up and down. Most of trading for 6 days has been within trading ranges.

o March 18 high is a magnet above, but rally on daily chart is near enough for double top reversal down to begin at any time.

o Big bear day unlikely since tight bull channel on daily chart.

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