EURUSD Bullish Forecast

This pair was analyzed with multi timeframe analysis and zooming out on EU, it looks quite bullish and I am forecasting further upside. Yes, I understand that we are at (and potentially rejected off) a critical resistance level but we are also in a corrective structure projecting a bigger move to the upside.

While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.

Some confluences to support this idea:

• Inverted Head & Shoulders pattern formed
  
• Counter-trend of Daily Bearish Structure with Break & Retest
  
• Daily Bullish Wick that should normally be filled
  
• Previous COT data shows an increase in longs. New data will need to be reviewed when released.
  
• Potential formation of weekly ICI pattern
  
• Potential formation of new Daily Bullish Structure
  

The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.

Let me know your thoughts.

Trade Safe!
HEET

ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.

Comment:

I am looking for the break of this structure for continuation of DXY down. And when/if that happens, it should push EU up for the longs we have been waiting for.

Comment:

We got the clean break below the structure.

Although we may see a pullback, this is the point where I am expecting continuation to the downside.

Comment:

DXY gradually inching its way down. Really need to break the next level of support for continuation.

Comment:

DXY is really struggling to break this zone.

Comment:

Did DXY finally break through? It looks like it.
Hopefully we get continuation now.
But there is a key level that we are hitting as I type this.

EU has a little more to go to break the resistance zone. Nice progress:

Comment:

DXY dipped below 90, which is a key psychological level but wasn't able to get a clean break with a close below this level. I still think that DXY can get below this level for further continuation and further upside for EU but I lost confidence that it was going to happen tonight.

I closed all my trades at this level as I was in very good profits tonight and didn't want to risk any potential losses. 2 trades were closed over 40 pips and 2 trades were closed around 30 pips. Another thousand more would have been nice but I'm content with my profits tonight.