EURUSD - Huge uptrend is ready! (prepare longs)
- EURUSD is still extremely bullish because the price is above the 200-day daily moving average and also above the major white trendline. Trend is your friend, so we want to take only longs!
- The price is also inside this ascending parallel channel, and I expect another push to the upside to test the upward trendline of the channel. It's possible to bull-break this channel!
- In the last 2 weeks, EURUSD has been going down, but it's just a re-test of the previous 2 trendlines. We needed this pullback for continuation to the upside. The retest was a great buying opportunity, but of course you can still enter the market at the current price if you find a good setup on lower timeframes.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I share my trades transparently and post trade setups privately.
- When trading EURUSD, we need to consider the DXY index. This index is pretty bearish, and I will probably do an analysis on it as well, so make sure you follow me for more updates!
- The MACD indicator tells us that the trend is rolling over from bearish to bullish again. The histogram is ticking to the upside, which is of course a bullish sign.
- In conclusion, I am bullish on the euro, and I would take only longs for the next few weeks!
- Thank you, and for more ideas, hit "Like" and "Follow"!
Comment:
Watch this trendline on the 4h chart, but be aware of a possible re-test.
Comment:
The DXY index is bearish. We can see that we also had a retest of the major trendline, and now we can continue in the downtrend. The index has definitely been in a downtrend since 2022.
