My perspective of EURUSD, expecting price to continue bullish.
Tuesday, April 13, 2021
* Here are some (potential) confirmations to identify a (potential) long position. *
- Initial markup: Saturday, April 2, 2021 (price was at 1.18074).
- Bullish channel
- Bullish harmonic pattern
- Daily morning star candlestick formation, weekly bullish pin bar candlestick formation, weekly morning star candlestick formation
- Falling wedge wave pattern
- Weekly bullish structure
- Price broke and retested a monthly downtrend
- Bullish structure being created on smaller time frames
- 1.17000 is a major SR zone
* Cautions to be taken into consideration *
- Price is still in a monthly downtrend (a different one from the broken one)
- Price is approaching a resistance
* Other thoughts to be taken into consideration *
- I am expecting price to reach 1.23400 and above, this could take weeks - months for price to reach these levels.
- The resistance that price is approaching, in my opinion, is quite obvious. (In theory) majority of retailers will be shorting there, and banks will manipulate price upwards in the opposite direction.
* Here are some (potential) confirmations to identify a (potential) long position. *
- Initial markup: Saturday, April 2, 2021 (price was at 1.18074).
- Bullish channel
- Bullish harmonic pattern
- Daily morning star candlestick formation, weekly bullish pin bar candlestick formation, weekly morning star candlestick formation
- Falling wedge wave pattern
- Weekly bullish structure
- Price broke and retested a monthly downtrend
- Bullish structure being created on smaller time frames
- 1.17000 is a major SR zone
* Cautions to be taken into consideration *
- Price is still in a monthly downtrend (a different one from the broken one)
- Price is approaching a resistance
* Other thoughts to be taken into consideration *
- I am expecting price to reach 1.23400 and above, this could take weeks - months for price to reach these levels.
- The resistance that price is approaching, in my opinion, is quite obvious. (In theory) majority of retailers will be shorting there, and banks will manipulate price upwards in the opposite direction.