Originally I was short for EURUSD but after some analysis with a friend I am now seeing a potential move to the upside.
We can see a break of the descending downtrend on 4H and price has now formed a pennant structure. I will be waiting for a break to either side of this pennant. But looking at the massive engulfing daily bull candle from August 5th I believe momentum could be with the bulls. Another confluence for this move is the clear momentum to the downside of DXY.
We can see a break of the descending downtrend on 4H and price has now formed a pennant structure. I will be waiting for a break to either side of this pennant. But looking at the massive engulfing daily bull candle from August 5th I believe momentum could be with the bulls. Another confluence for this move is the clear momentum to the downside of DXY.