👋 Hello everyone,
This is my first real post and I am fairly new to how all this works but I am going to give it my best shot. So without further delay here goes.
So I am looking at the EURUSD and it looks like we have a strong reason to believe that there could be some sort of bullish momentum coming into the market. This view can be supported by several fundamental events that has taken place in the last 48hrs but also several technical reasons we could see a stronger EUR in the coming days.
Now I would like to go on record stating that this is but just my opinion, but here are my findings:
Last week we had price testing 1.03550 which was last tested Jan 2017 confirming the double bottom. Momentum however indicates further downside, but if we can get the MACD to lineup with the current structure of the market then we could be in for a decent bull run at least up to the weekly 20 MA.
With price closing just above the daily 20 MA and fresh positive momentum looking to enter the markets we could use these technical confirmations to support our bias for a possible bullish reversal. So, now that we can confirm the direction of the market what does an entry look like?
Now things gets much clearer the closer we look, so jumping on to the intraday timeframes we can see that we have confirmed higher lows, with a clean retracement and rejection of the hourly 20 MA, there are a few other minor areas of confluence that could support an entry but for now I would see this as a potential opportunity to get involved in a position that could end up being a half decent trade.
If you have any questions, feel free to reach out I will be more than happy to either clarify my thoughts or simply have a conversation around the markets. Furthermore, enjoy the day and have an awesome weekend.
This is my first real post and I am fairly new to how all this works but I am going to give it my best shot. So without further delay here goes.
So I am looking at the EURUSD and it looks like we have a strong reason to believe that there could be some sort of bullish momentum coming into the market. This view can be supported by several fundamental events that has taken place in the last 48hrs but also several technical reasons we could see a stronger EUR in the coming days.
Now I would like to go on record stating that this is but just my opinion, but here are my findings:
Last week we had price testing 1.03550 which was last tested Jan 2017 confirming the double bottom. Momentum however indicates further downside, but if we can get the MACD to lineup with the current structure of the market then we could be in for a decent bull run at least up to the weekly 20 MA.
With price closing just above the daily 20 MA and fresh positive momentum looking to enter the markets we could use these technical confirmations to support our bias for a possible bullish reversal. So, now that we can confirm the direction of the market what does an entry look like?
Now things gets much clearer the closer we look, so jumping on to the intraday timeframes we can see that we have confirmed higher lows, with a clean retracement and rejection of the hourly 20 MA, there are a few other minor areas of confluence that could support an entry but for now I would see this as a potential opportunity to get involved in a position that could end up being a half decent trade.
If you have any questions, feel free to reach out I will be more than happy to either clarify my thoughts or simply have a conversation around the markets. Furthermore, enjoy the day and have an awesome weekend.