The Globex market rallied for a couple of legs during the overnight session. However, the rally is probably a leg in a trading range.
The EUR/USD bears are hopeful they will get follow-through selling today. More likely today will have a lot of trading range price action. Because of yesterday’s consecutive sell climaxes, there is a 75% chance of two hours of sideways trading beginning before the end of the second hour.
There is a 50% chance of follow-through selling on the open, followed by two hours of sideways trading beginning before the end of the second hour.
Lastly, there is only a 25% chance of a strong trend day up or down. Since today is Friday, the weekly chart is essential. Traders should be ready for a possible surprise breakout last in the day as traders decide to close the weekly chart.
