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dennis cramer

On the 60-minute EUR/USD chart, bear breakouts now reverse back above the breakout point. This is a stairs pattern and it usually means that market is evolving into a trading range.

The EUR/USD Forex chart sold off strongly for 3 days. Yet, the selling has greatly weakened. Bears are now buying back shorts at new lows. They therefore are switching from swing trading to scalping. In addition, bulls are beginning to buy at the prior low. Hence, the bear trend is transitioning into a trading range. Since the selling has been in a series of sell climaxes on the 60-minute chart, it is unsustainable. Consequently, the odds favor a bear rally soon. The targets for the bulls are the gaps above, which begin at the lower highs. Hence, the EUR/USD will probably rally at least 40 pips, and probably over 100 pips over the next 2 weeks.


Tue, 04/04/2017 - 2:28pm