EUR/USD: Rally Above September 29 Lower High Unlikely

EUR/USD-Daily Chart

• The EUR/USD is testing above the September 29th Major lower high. The market is likely converting into a trading range and will begin to go sideways for the next couple of weeks.
• Overall, traders should expect sideways trading and the bear channel to evolve into a trading range on the daily chart.
• Because the weekly chart is in a bear breakout on the weekly chart, the bears will likely get a second leg down. This means that the upside is probably limited on the daily chart.

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