The EUR/USD formed a small bull close above the moving average last Friday.
The bulls are hopeful this is the start of an upside breakout, however, the market has not clearly broken out above the tight trading range.
Until there is a clear breakout, there is no breakout. This means that traders should wait for confirmation if the bull breakout will succeed or fail.
The bears will try to cause any bull breakout above the moving average to fail and reverse back down. The market is in a tight triangle, which is a neutral market. This means that traders should assume that the probability for both the bulls and the bears is close to 50%.
Overall, traders should wait and see the breakout before placing a trade.
