![\"EURUSD](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2017\/06\/EC-2.png\" "\\"\\"")
<\/a><\/p>\nThe 240 minute EURUSD Forex chart is in a broad bull channel. It is also in a 3 week trading range, and therefore the bears have a reasonable top as well.<\/p>\n
The EURUSD Forex market rallied from a 15 year low this year. Furthermore, the current rally on the weekly chart was a lower low major trend reversal. The rally is now testing the November 9 major lower high. In addition, most major reversals lead to trading ranges and not new trends.<\/p>\n
The momentum up is strong enough to make a break above that high likely. Yet, the bears want a lower high. This is because the monthly chart is still in a bear trend, and lower highs are a sign that the strong down trend is strong. <\/p>\n
Trading ranges disappoint bulls and bears. The bears will be disappointed by a break above the November high. Yet, the bulls will be disappointed if the rally then fails to break strongly above the 2 year range. Since trading ranges continue indefinitely, the odds are that the Emini will get above the November high, but not far above the 2 year high.<\/p>\n
Overnight EURUSD Forex trading<\/h3>\n
The EURUSD Forex market sold off 70 pips overnight. But, it has been in a 30 pip range for the past 3 hours. Since it is still in a 3 week trading range, there has been bad follow-through after strong moves up and down. While the selloff might be a start of a move down to the bottom of the range at around 1.1200, most day traders are mostly scalping.<\/p>\n
The momentum down last night was strong enough so that the 2 hour rally will probably fail. Consequently, bears will sell the rally. Yet, they will probably take profits near the overnight low. All financial markets will probably be mostly sideways before Thursday’s Comey hearing.<\/p>\n
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Summary of today’s S&P Emini futures price action and what to expect tomorrow<\/h2>\n
The Emini traded below yesterday’s low and then back to the open. It was therefore a reversal day and a trading range day.<\/p>\n Today was the 3rd sideways day. Traders are neutral going into Comey’s testimony tomorrow. Because of Comey’s history of making surprise comments, there is an increased chance of a trend day tomorrow.<\/p>\n <\/p>\n See the weekly update<\/a> for a discussion of the price action on the weekly candlestick chart and for what to expect going into next week.<\/p>\n Traders can see the end of the day bar-by-bar price action report by signing up<\/a> for free at BrooksPriceAction.com. I talk about the detailed S&P Emini futures price action real-time throughout the day in the BrooksPriceAction.com trading room<\/a>. We offer a 2 day free trial<\/a>.<\/p>\n<\/a><\/p>\n
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