It looks like EURUSD is approaching key support (horizontal key line and rising trend line). We must observe the 1 hour chart next week and look for deceleration and signs of reversing in the intraday chart such as a break of the 1 hour trend line and be on the look out for 1 hour double bottoms at the key line level.
Comment:
I currently have a trade open on this long set up. I posted about this long trade opportunity a few days ago now and as we can see, the SUPPORT line has held and price is slowly heading up.
Trade closed: target reached:
1.5% profit made
We are starting to see some 1 hour price action form. We now have an inverse
head and shoulders forming with a rejection of the 4 hour 50 ema.