On EURUSD, I do spot a potential buying opportunity at hand.
1. According to Market structure , We have previously made a higher low Signalling a potential upside for the pair to form a higher high.
2. We have had a strong bullish candle breakout of a descending trend line and a retest which aligns with the higher low previously mentioned.
3. The retest from the trend line + higher low perfectly aligns with the 61.8 fibonacci retracement level Signalling a continuation to the upside
4. Our moving averages have crossed over to bullish, the previous daily candle closed above our Moving Averages and todays candle successfully retested the moving averages.
5. We have a potential inverse head and shoulders pattern forming.
If we manage to have a daily candle closure above the previous resistance at 1.21500 followed by a retest signalling newly found support, I am quite confident that the pair will rise 170+ pips to 1.23500.
1. According to Market structure , We have previously made a higher low Signalling a potential upside for the pair to form a higher high.
2. We have had a strong bullish candle breakout of a descending trend line and a retest which aligns with the higher low previously mentioned.
3. The retest from the trend line + higher low perfectly aligns with the 61.8 fibonacci retracement level Signalling a continuation to the upside
4. Our moving averages have crossed over to bullish, the previous daily candle closed above our Moving Averages and todays candle successfully retested the moving averages.
5. We have a potential inverse head and shoulders pattern forming.
If we manage to have a daily candle closure above the previous resistance at 1.21500 followed by a retest signalling newly found support, I am quite confident that the pair will rise 170+ pips to 1.23500.