EUR/USD: Profit Taking at February 1 Close

Important Update for RobotFX Visitors

We want to sincerely apologize for any confusion or inconvenience caused by our recent website restructuring.

The main RobotFX hub has officially moved to our new, streamlined address at robotfx.org (without the "www" prefix). While our main operations have shifted, we want to reassure you that this archives site, old.robotfx.org, will remain fully active. You can still access our complete library of past posts, historical trading analysis, and legacy articles right here.

However, for the latest updates, newer content, and a significantly faster, more optimized browsing experience, we highly recommend heading over to our primary home at https://robotfx.org.

Thank you so much for your continued support and patience as we improve our digital services.

EUR/USD Daily Chart

The EUR/USD sold off yesterday as traders began to sell on the test of the February 1st close.
There were scale-in bulls who bought the February 1st close, and they bought lower. These bulls were likely so disappointed by the pullback to the March low that most of them would be happy to sell out of longs at their original entry.
The bears knew the bulls would be disappointed, and they also added to yesterday’s selling.
The bears hope that yesterday is a lower high major trend reversal. However, the channel up from the March low is tight. This will lower the probability for the bears.
Overall, traders should assume that the market will go mostly sideways.

Trading analysis offered by RobotFX and Flex EA.
Source