EURUSD about to be bullish again
-The light blue lines show the clear uptrend (overall bullish)
-The red lines show the recent downtrend (short term bearish)
-The uptrend line clearly has been broken, yet it seems to be a false breakout and the pattern should continue once it is around the support line (dark blue) at 1.0696.
-The recent downtrend line is about to be touched, yet most likely to bounce off
-MACD is about to cross over (indicating buy)
-RSI is currently at about 17.6 (indicating oversold)
-Doji-like candle sticks can be seen at the end, indicating congestion and indecision between bulls and bears
-Bollinger Bands indicate high volatility
-Moving average is still resistance but looks like it is about to cross over (becoming support)
-2 possible options: bounces off downtrend line/slightly underneath and touches uptrend line, from which it bounces again, or bounces off downtrend line/slightly underneath and continues to go up through uptrend line creating steep bullish trend
-IF line does not stop even when it touches support line close trade immediately
-The light blue lines show the clear uptrend (overall bullish)
-The red lines show the recent downtrend (short term bearish)
-The uptrend line clearly has been broken, yet it seems to be a false breakout and the pattern should continue once it is around the support line (dark blue) at 1.0696.
-The recent downtrend line is about to be touched, yet most likely to bounce off
-MACD is about to cross over (indicating buy)
-RSI is currently at about 17.6 (indicating oversold)
-Doji-like candle sticks can be seen at the end, indicating congestion and indecision between bulls and bears
-Bollinger Bands indicate high volatility
-Moving average is still resistance but looks like it is about to cross over (becoming support)
-2 possible options: bounces off downtrend line/slightly underneath and touches uptrend line, from which it bounces again, or bounces off downtrend line/slightly underneath and continues to go up through uptrend line creating steep bullish trend
-IF line does not stop even when it touches support line close trade immediately